Can I keep my retirement accounts after filing for Chapter 7 Bankruptcy?

Yes, you can keep your retirement accounts after filing for Chapter 7 Bankruptcy in Washington. This is because these accounts are considered exempt from bankruptcy proceedings, which means they cannot be seized during the process. Furthermore, the Washington court system has a list of exemptions for different types of assets, including retirement accounts like 401(k)s, IRAs, and Keoghs. Another example of exempt assets would be those that you need to maintain your primary residence. This could include furniture, books, and electronics. Additionally, under Washington law, you are also allowed to protect up to $125,000 in equity in your home as long as it is your primary residence. It is important to note, however, that funds that you have recently contributed to your retirement accounts may be subject to seizure. If you are unsure of the eligibility of any of your assets, it is best to consult a bankruptcy attorney in Washington before filing for Chapter 7 Bankruptcy. Overall, it is possible for you to keep your retirement accounts after filing for Chapter 7 Bankruptcy in Washington. Depending on your individual circumstances, other assets may also qualify for exemption from bankruptcy proceedings. If you have any questions, it’s best to seek advice from a qualified bankruptcy attorney.

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