When seeking advice about bankruptcy, many people are concerned about what effect it will have on their retirement funds. As long as your 401(k), IRA or pension is a qualified retirement fund, the money is protected from forfeiture to the Bankruptcy Courts. This includes savings invested in ROTH IRA investments.
What is a qualified retirement account?
A qualified account is any retirement savings plan that defers income tax on the interest and dividend earnings until you begin withdrawing the money at the approved retirement age, usually 59 1/2 years old.
Don't Cash in a Secure Retirement to Solve a Short-Term Debt Problem
When people have been working for many years, it is not uncommon to see their retirement savings reach six figures. As debt problems mount, it may be very tempting to draw down their retirement savings to pay back loans. Don't! Debt is a short-term problem. The U.S. Bankruptcy Code gives you the right to file for bankruptcy protection from your creditors. Filing for Chapter 7 or Chapter 13 bankruptcy is a strategic, financially sound way to solve your short-term debt problem, without ruining your hopes for a secure retirement.
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Learn more about bankruptcy and your retirement. Call an experienced Florida bankruptcy attorney at The Golden Law Group. We are ready to answer all of your questions about bankruptcy, debt relief and illegal collections practices.
From three convenient office locations, we represent individuals, families and business owners in bankruptcy matters in Bradenton, Brandon, Sarasota, Tampa and communities throughout the Florida Gulf Coast region. If you are over your head in debt and don't know where to turn for relief, turn to us. Contact us today for a free, no-obligation consultation.