How Does Bankruptcy Affect My Retirement?
Filing for bankruptcy can be a stressful and difficult process, and it is important to understand how the filing of bankruptcy might affect your retirement. Bankruptcy, while often necessary in order to achieve financial stability, can have long-term consequences on many aspects of life, including retirement savings. Understanding what these effects are ahead of time can help you plan accordingly.
If you file for either Chapter 7 or Chapter 13 bankruptcy, your retirement accounts will not be affected directly, as they are protected from creditors by law. However, there may still be some indirect effects that could impact your ability to save for retirement. For example, if your income is reduced due to filing for bankruptcy or if you have to use funds from your 401k or IRA account to pay off debts incurred prior to filing for bankruptcy then this could make it more difficult for you to save money towards your retirement goals.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of the 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