Don't Cash Out That 401K or IRA

The Market Ticker - Karl Denninger: 
"Let me make this crystal clear:
Your 401k or IRA has near-absolute protection in a personal bankruptcy. As a qualified retirement plan it cannot be seized by creditors if you file a Chapter 7 or Chapter 13.
The absolutely worst thing you can do is to cash out those plans. This is not just about sabotaging retirement, although that's serious.
This is the 'human face' on the games our government has played with bailing out banks and other big financial institutions. You, 'Joe Six Pack', hasn't been helped at all, and bill collectors and others will even 'suggest' that you cash in retirement funds so you can pay them!
Don't do it!"

If you're like me you know a few younger people that are going through some hard times, and are thinking of tapping into their 401K or IRA accounts. Please take the time to forward this article to them, it's short and to the point. It will at least arm them with some facts and alternatives to help them weather the financial storm they are going through. Karl is right $100 is well spent money for advice from a CPA and/or Bankruptcy Attorney.