Can the IRS Levy (IRS talk for take away or garnish) your retirement plan?

When you owe the IRS money they can pretty much come after any asset that you own.  That includes your retirement plan assets. As verification of that fact, the IRS issued a new memo for Revenue Officers (IRS collectors) reminding the collection agents of the IRS’s ability to take over your retirement plan. In the Read more about Can the IRS Levy (IRS talk for take away or garnish) your retirement plan?[…]

401Ks Protected

Are 401ks protected in bankruptcy?

Can your 401k be taken away if you file bankruptcy? As a general rule, 401ks are protected in bankruptcy.  The bankruptcy code has 2 different key sections that will protect your 401k funds. The first section is 541 of the bankruptcy code.  Under section 541, if there are restrictions on the ability of a beneficiary Read more about Are 401ks protected in bankruptcy?[…]