3 Easy Ways to Protect Your 401(k) After Leaving

In 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was passed, making filing for bankruptcy under Chapter 7 rather than Chapter 13 more difficult. BAPCPA also put in place protections for money held in qualified retirement plans. <a href="https://www.bfsg.com/bankruptcy-and-retirement-plans/" rel="noopener ugc nofollow" target="_blank">According to the Benefit Financial Services Group</a>, “Under BAPCPA, assets held in all qualified plans (such as 401(k), profit sharing, thrift, money purchase, ESOP, and defined benefit plans), 403(b) plans, and state and local government-sponsored 457 plans are expressly excluded from the bankruptcy estate… Assets in traditional and Roth IRAs are protected up to a $1 million limit, without regard to rollover amounts.” <a href="https://medium.com/financial-strategy/3-easy-ways-to-protect-your-401-k-after-leaving-e643d70657cd">Website</a>