Will Bankruptcy Affect Your Retirement Accounts?
Unexpected life events can quickly make debt seem unbearable. When you feel like bankruptcy is the only viable option for repairing your financial situation, you may fear losing everything. For many Florida residents, however, filing bankruptcy is the best course of action to discharge debts.
DiTocco Law Group, PLLC, focuses on helping Florida residents regain control over their finances. Depending on your circumstances, our experienced attorneys can help you decide on the most favorable way for you to reach your financial goals. We can even help you protect your retirement accounts as you work to clear your debt.
Types Of Retirement Plans That Are Typically Protected
Generally speaking, your retirement accounts are protected when you file bankruptcy. While some exceptions may apply, creditors cannot access the funds in your retirement accounts, which may include your:
- Social Security
- Individual retirement account (IRA)
- 401(k) and 403(b) retirement savings plans
- Annuities
- Section 529 college tuition plans and prepaid state college tuition plans
- Pensions that qualify under the Employment Retirement Income Security Act (ERISA) of 1974
While bankruptcy in retirement is a complex matter, our lawyers will help you determine which chapter is best for you and will work with you throughout the process. Please contact our firm before liquidating any retirement accounts to satisfy debt.
Contact Our Attorneys Today
For more information about your debt settlement options, email us or call our Fort Lauderdale office at 954-836-7912 today to schedule your free initial consultation at one of our convenient locations throughout Broward, Palm Beach and Miami-Dade counties.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.