It is surprising to many people that they can keep their 401(k) retirement account while still filing for bankruptcy. Under state and federal law, a 401(k) is a protected asset. This can be reassuring to people considering bankruptcy who do not want to lose a lifetime's worth of investment and savings but still have debt on credit cards, medical bills and other unsecured assets. In fact, it is possible to reduce or eliminate credit card debt without losing assets in a 401(k).
Any person may find him- or herself needing to file for bankruptcy for various reasons. In a tough business environment many business must also need to reorganize or liquidate assets.
Sly Stone is one of the most notable names in the worlds of funk and soul music, genres that are critical in Detroit's musical heritage. As an influential artist, Stone is should receive royalties from music he wrote and recorded decades ago. However, a recently filed legal claim indicates that the musician is being denied access to the royalty rights.