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:
- IRAs, including Roth, SIMPLE, and SEP
- 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.
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.