For older individuals, it can be a very difficult decision to file bankruptcy. Many people have serious debt, but they also have retirement accounts that they worry they will lose. Being so close to retirement, they worry that a lifetime of saving will go up in smoke when they file. Fortunately, many retirement accounts are exempt from bankruptcy, allowing a person to save for retirement while also getting their debt under control. A St. Louis Chapter 13 Bankruptcy Attorney can examine your particular situations to determine whether your retirement accounts will be safe from bankruptcy.
Exempt Retirement Accounts from a St. Louis Chapter 13 Bankruptcy Attorney
Many people have 401(k)’s or IRA’s as their primary retirement accounts. Fortunately, these accounts are generally exempt from bankruptcy. If a person has accounts that have a large amount of money, however, the filer may have to use some of that money to pay back creditors.
Other people be relying on a pension or Social Security for retirement. Social Security is exempt from bankruptcy, but a person must be careful when they put that money into a general account with other money as it can be difficult to determine how much is Social Security. Pensions are also exempt unless it is considered an unreasonable amount.
If you are close to retirement and worry that bankruptcy could ruin your retirement plans, this is generally not the case. A St. Louis Chapter 13 Bankruptcy Attorney at The Westbrook Law Group will examine your situation and let you know what to expect. We will work to let you keep the most assets possible while still getting a fresh start, allowing you to retire in peace without the stress of debt. To learn more about how we can help, contact The Westbrook Law Group today for a free consultation.