Federal Exemptions Question...

[inseriousdebt]

Has anyone out there taken the federal exemptions, and if so, was your 401K covered in this? It mentions Pension and Retirement benefits I thought, but I am not exactly sure what they mean by this. Maybe I am wrong all together that I saw that it covered 401K? Err...Also, if I take these instead of my state's, are there any weird restrictions that I need to be thinking of?

[SinkingFast]

We don't live in a State that allows us to take Federal Exemptions, but our attny explained it to us, somewhat.

By going State, when we figured up our Household items, we just had to consider our bedroom and the common areas of the house. The kids' things in the kids' rooms were just that. The kids' things in the kids' rooms.

If we went Federal, we'd have to include everything. Kids' things included. And we'd have to abide by the ONE TV, ONE VCR, ONE Radio, ONE Computer and related equipment, etc in the Federal Household listing of acceptable items.

By asking about your 401K, are you wanting to know if your savings are safe from being siezed??!! If so, the answer is yes. The New BK Law protects debtor's retirements and retirement savings plans.