Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

How to Protect Your Retirement Assets in Bankruptcy

When a person files for bankruptcy, they may be concerned about the retirement accounts they’ve spent years building up. This money is a crucial part of anyone’s long-term savings plan, giving them the chance to retire on their terms and live comfortably in their later years. Fortunately, there are exemptions available for debtors to protect their retirement assets from the bankruptcy process.

With help from an experienced attorney, a debtor may find a variety of exemptions to keep their assets that they may not have otherwise known about. To learn more about how to make the most of your bankruptcy filing, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, today at (205) 324-4000.

Exemptions Available for Retirement Accounts

A retirement account can be an extremely important part of a person’s financial future. To make sure that their financial future is secure, bankruptcy filers will want to think about what exemptions are available to them to protect these assets.

In particular, the following retirement options may be considered exempt from bankruptcy proceedings:

  • Keoghs
  • IRAs, including Roth, SIMPLE, and SEP
  • 401(k)s
  • 403(b)s
  • Defined-benefit assets
  • Profit-sharing assets
  • Money-purchase assets

However, to understand the specifics of what will happen to retirement accounts in bankruptcy, a person will want to speak with an experienced bankruptcy lawyer. For example, some of these exemptions are only provided up to a certain monetary limit, and it’s important for a person to know where this limit is so that they can prepare accordingly.

Contact Us

If you’ve been struggling to keep yourself from drowning in debt, it may be time to look for a fresh start through bankruptcy. For a free consultation regarding your options, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000 today.

"When I had my power cut off because I just didn't have the money to pay the power bill, a friend suggested I call Paula Greenway. From the moment I walked in her office I felt like a burden was lifted from my shoulders."
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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
Gadsden: (256) 467-6650

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000 |  Directions | Paula Greenway+