401k

[leftyf]

I did a quick search and couldn't find the answer to this, although I'm sure it is on this forum somewhere. I am trying to file a chapter 7...will this normal deduction be counted in the means test? I have been making a fairly significant contribution for quite some time, so I'm not changing anything to make my income appear lower. Any opinions on this? This seems like a pretty basic question, so hopefully I don't lose my B/F Guru status for asking it..LOL!
Leftyf

[JRScott]

The money in your 401K should be safe. I'm not sure if the count contributions against your income or not sadly

[mysterie91]

When we spoke to the attorney last week he said that for the Chpater 7 means test VOLUNTARY 401K contributions are NOT factored in - meaning your income is NOT reduced by the amount you are contributing into the 401(k).

The theory is that this si voluntary and can be stopped if needed. The amount already in the 401(k) is safe from the BK proceedings - they cannot take that from you.