Dispelling the Myths About Losing Your Retirement When Filing Bankruptcy
Protecting 401K retirement accounts and IRAs is often one of the more significant concerns for people considering bankruptcy. They are facing an impossible debt load and need to find some relief, but they don’t want to lose their retirement. In some cases they do nothing, which only serves to compound the existing problems and usually creates new ones, forcing them to take more drastic action at a later time.
If you have considered bankruptcy and the only thing stopping you is the fear of losing your retirement, you can stop worrying. The vast majority of common retirement accounts, including 401Ks and IRAs, are exempt in a bankruptcy proceeding. In almost every case, they cannot be liquidated to repay your creditors in a Chapter 7 bankruptcy.
There is No Need to Cash in Your Retirement Account to Repay Creditors
Before you make the decision to give up your retirement savings in order to repay a creditor, be sure that you understand all your debt relief options. Filing for bankruptcy can be a good way for you to get control of your financial situation without having to resort to drastic measures.
At the Price Law Firm, our lawyers represent clients in all areas of consumer bankruptcy, including Chapter 7, Chapter 13 and foreclosure defense. We can help you understand all of the options available to you and answer all your questions about protecting your property, the bankruptcy process and any other concerns you might have.
To learn more about your bankruptcy options, contact the Price Law Firm. From our offices in Altamonte Springs in the Orlando-Kissimmee metro area, we represent clients throughout central Florida. To schedule a free consultation with an attorney, call 407-834-0090.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.