Protect your retirement

Don’t touch your 401(k) or other qualified retirement plans.

Today’s reminder is for all of those individuals even remotely contemplating a bankruptcy. It is imperative to remember that the Idaho Code provides every debtor a list of exemptible items that cannot be touched by creditors. Therefore, if you are facing troubled times and you are uncertain what to do, NEVER TOUCH YOUR 401k or other qualified retirement accounts to pay your debts. These accounts are specifically protected by Section 11-604A of the Idaho Code. If the worst happens and you do file a bankruptcy you will be able to discharge your debts in bankruptcy and you will keep your retirement account free from creditors.

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