Can I Keep My Retirement Account?
Bankruptcy and Retirement Lawyers in Indianapolis
Marion County Chapter 13 Bankruptcy Attorneys
Personal Bankruptcy Could Protect Your 401(K) and IRA Savings
Under the pressure of debts they cannot pay, often made worse by relentless creditor harassment, people are prone to making major decisions they later regret. One of the most devastating mistakes we see as debt relief attorneys is when a person has drained his or her retirement accounts to pay other bills — only to realize in the aftermath that filing personal bankruptcy could have saved these assets.
Simply stated, you can keep the full value of most qualified investments such as 401(k) plans and individual retirement accounts (IRAs) after filing bankruptcy. Your decision to get experienced legal counsel today could be pivotal for protecting your long-term future — whatever the specific debt problems you are facing.
In Bankruptcy, Many Assets Are Protected From Your Creditors
It is important to see bankruptcy as a new beginning with a new plan — and our laws support that view. The pervasive myth that filing Chapter 7 or Chapter 13 bankruptcy leaves a person with nothing is very destructive when, in fact, the central purpose is to provide a path back to stability and productivity.
Our lawyers are adept at understanding your overall financial situation, addressing issues involving bankruptcy and retirement savings, and finding solutions that:
- Eliminate unsecured debts such as credit card balances and medical bills
- Prevent or stop lawsuits, judgments, liens and wage garnishments
- Protect important assets such as a home at risk of foreclosure, vehicles and retirement savings
- Enable financial survival and rebuilding
Learn What You Can Keep After Bankruptcy: 866-660-6928
Once we get a basic picture of your financial situation, we will patiently and clearly answer your questions about what bankruptcy can accomplish and what you can keep if you file. Under most circumstances, paying severe penalties and forgoing future interest on your retirement accounts should be the absolute last resort.
If you are considering a withdrawal from your retirement savings to pay other bills — or if you see that decision point in your future — the time to evaluate bankruptcy and other debt relief solutions is now. Please contact our Indianapolis law firm today to get started.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.