How Does Bankruptcy Affect My Retirement?
If you're nearing retirement and considering bankruptcy, you may be wondering how it will affect your retirement plans. Although bankruptcy can be a helpful tool for getting out of debt, it's important to understand how it could impact your retirement savings.
One way that bankruptcy can affect your retirement is by causing you to lose some of your retirement savings. If you have to file for Chapter 7 bankruptcy, also known as liquidation bankruptcy, any assets that are not exempt from creditors may be sold in order to pay off your debts. This could include money that's in a 401(k) or IRA account.
Another way that bankruptcy can impact your retirement is by making it difficult to get new credit. This can make it hard to qualify for a mortgage or car loan, which could make it tough to save up for a comfortable retirement.
The Law Offices of Omar Zambrano has helped thousands of people and businesses on the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706