Will My Bankruptcy Affect My Child's 529 College Saving Plan?

Will My Bankruptcy Affect My Child's 529 College Savings Plan?

If you are considering filing for bankruptcy, you may be wondering if it will affect your child's 529 college savings plan. The short answer is, it depends.

Under federal law, 529 college savings plans are protected from bankruptcy creditors. However, there are some states that do not offer this same protection. So, if you live in a state that does not offer this protection and you file for bankruptcy, your creditors may be able to seize your child's 529 college savings plan.

Additionally, even if your state does offer protection for 529 college savings plans, there are some circumstances in which the court may allow your creditors to access the funds in the account.

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