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The Bankruptcy Hotline
401(k) Contributions Not Subject to Security Interests
The Bankruptcy Court for the District of Delaware has ruled that 401(k) contributions that Chapter 7 debtors withheld from its employees' paychecks but never sent to the plan administrator are not property of the bankrupt estate and therefore are not subject to the security interests of creditors. The court also held, however, that a trust should be imposed only on the employees' actual contributions and not on the debtors' assets, despite the fact that the funds had been commingled. It is the burden of the Labor Department to show a nexus between the contributions and the funds on which it seeks to impose a trust. Chao v. Lexington Healthcare Group Inc. (In re Lexington Healthcare Group Inc.), No. 03-11007 (December 15, 2005).
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