How Does Bankruptcy Affect My Retirement?
Filing for bankruptcy can be an intimidating experience, causing many to worry about the long-term financial implications of such a decision. The primary question when considering filing for bankruptcy is: how will it affect my retirement plans?
The answer depends on the type of bankruptcy you file. Chapter 7 and Chapter 13 bankruptcies will have different effects on your retirement funds. It’s important to know that federal law protects certain retirement funds from creditors, meaning any money in certain accounts – such as 401(k) plans, profit-sharing plans, or IRAs – are not subject to liquidation during a bankruptcy. However, if you choose to use these assets as collateral for any debt you take on prior to filing for bankruptcy, they could be at risk during the process.
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