Is Your Retirement Fund Protected from Bankruptcy?
When you are facing a potential bankruptcy, you may have a thousand questions you feel need to be addressed before you can move forward. A few concerning questions may be: What assets do you have to liquidate? Which assets will you be able to keep if you file for bankruptcy? Most likely, you have worked diligently to save money in a retirement fund and the prospect of losing all your hard-earned savings can be terrifying. The good news is that many retirement funds are protected from debt repayment.
Bankruptcy does not have to be the frustrating or overwhelming process that many people imagine it to be. With the aid of the experienced and supportive Chicagoland bankruptcy attorneys at the Law Offices of Stuart B. Handelman, you can reach a financial resolution that will put you back on the path to building healthy finances. Contact our legal team at 312-360-0500.
Potentially Safe Retirement Savings
Recent legislation has made it much more likely that your retirement savings will be protected when you file for bankruptcy. Many retirement funds are generally not used to pay off debt, including:
- Most IRAS, company accounts and Roth IRAs
- Plans covered by Federal Pension laws or ERISA
- Exemptible Keogh plans and IRAS that are under $1 million
- Income tax exempt plans
If you have any concern about your retirement savings being at-risk when filing for bankruptcy, you should contact the Law Offices of Stuart B. Handelman today.
Contact Us
With the help of a successful and experienced Chicagoland bankruptcy lawyer at the Law Offices of Stuart B. Handelman, you can stop worrying about the major concerns of filing for bankruptcy. Call 312-360-0500 to speak with one of our trained attorneys who is prepared to help you.
