I am on social securityI. I have a judgement against me from Capital One credit card. I am about to recieve a small pension and 401k now that I am 65. Can these be taken away from me? The judgement is almost six years ago. My 401k is small, $6000., I would like to cash it in because I need to buy a used car for doctor appointments etc. My 95 ford is no longer repairable. .
Answer
Your 401k is protected by Illinois exemption law but if you convert it into cash and then into an automobile only $2400 is then protected by the exemption for one motor vehicle. You may be wise to a bankruptcy attorney if you are eligible for bankruptcy protection.
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