Retirement Accounts During Bankruptcy
Bankruptcy can provide a freedom from debt that no other debt solution gives. However, while working through this legal process, a person may be concerned about what will happen to his or her retirement accounts. This concern is a legitimate issue for many, as these retirement plans are usually the vast majority of money they have set aside to assure their eventual retirement. In these situations, debtors do not need to worry. In many cases, there are exemptions available for retirement accounts.
If you’re thinking about moving forward with bankruptcy, we may be able to help you get your case ready. In particular, we can help you find money-saving exemptions that protect your future while you handle your present. For more information regarding our full range of Florida bankruptcy services, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.
What Accounts Are Protected?
It’s important for debtors to know their options before they think about filing for bankruptcy. With a more complete understanding of available exemptions, a debtor may be able to save a considerable amount of money throughout the bankruptcy process. Specifically, these exemptions can protect some of a debtor’s retirement money.
According to bankruptcy laws, the following plans may be exempted from the bankruptcy process:
- A defined-benefits plan
- A shared-profit plan
- A money purchase plan
- IRAs, including Roth, SEP, and SIMPLE plans
- Keogh plans
There are sometimes limits to the amount of money an individual can exempt during bankruptcy. This may prove problematic for some debtors, who should consult with their legal advisors about what options may be available.
If you can’t handle your finances anymore, we may be able to help you fight for your freedom from debt through bankruptcy. To learn more about this powerful debt reduction tool, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675 today.