Over the past 10 years I have contributted to my companies deferred compensation plan at the place of my empolyment. The plan is I believe a 409a. In a failed business deal external to my place of employement I am on the hook for about 800K and I am concidering steps to lessen the blow including bankruptcy.
1. My question is are the assets in the 409a account subject to seizure or is it exempt?
It is not clear as the Virgina rules state that deferred compensation is protected but then seems to go on and contradict itself.
Additionally, Virginia states that you can keep at a minimum of 75% of wages that have been earned but not paid. Any assistance or direction to documents is greatly appreciated.
1. My question is are the assets in the 409a account subject to seizure or is it exempt?
It is not clear as the Virgina rules state that deferred compensation is protected but then seems to go on and contradict itself.
Additionally, Virginia states that you can keep at a minimum of 75% of wages that have been earned but not paid. Any assistance or direction to documents is greatly appreciated.