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What Happens to Bank Accounts, Pensions, and Retirement Funds in Bankruptcy?

Will you lose the money you have in your bank or retirement fund if you file for bankruptcy?

The good news is that for the most part, your 401(k) and other qualified retirement accounts are protected in bankrupty. And debtors generally get to keep their property, including money in bank accounts, in Chapter 13 bankruptcy.

Whether you lose money in bank accounts when you file for Chapter 7 bankruptcy depends on where the funds came from and what bankruptcy exemptions apply. 

To learn more about how property is treated in bankruptcy, see What Happens to Your Property in Bankrupty?

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