How Does Bankruptcy Affect My Retirement?
Declaring bankruptcy can have a significant impact on an individual's finances and future retirement plans. Knowing how bankruptcy affects retirement is essential to ensure that you are able to make sound financial decisions now, so you can plan for a secure future.
When filing for bankruptcy protection, individuals must be aware that there may be long-term consequences. Retirement savings can become part of the assets taken by the court in an effort to repay creditors. Those who have already retired may find their expected income streams cut off as their pensions are reduced or seized entirely by creditors in order to pay back debts. Furthermore, those who remain employed after filing for bankruptcy may see their wages garnished as part of debt repayment plans proposed during the course of a case. This can further reduce one's ability to save and prepare for retirement, as well as impacting current expenses and quality of life.
The main Law Offices of Omar Zambrano has helped thousands of people and businesses in 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