Bankruptcy and Your Retirment

Protect What You Have Worked Hard For

If you have worked for years building up your retirement savings, it is important to protect that money — you will need it in the future. And you do not need to lose it if you file bankruptcy.

At The Collins Law Group, our experienced attorneys can advise you on how bankruptcy can help improve your financial picture while preserving your hard-earned retirement savings. Contact us for a personalized consultation about these important matters.

Don’t Blow Your Retirement on Credit Card Bills or Mortgage Payments

Since the start of the recession and mortgage crisis, many people have borrowed from their retirement accounts to keep up with mortgage payments and service their credit card debt. (This is a mistake for two important reasons: You will lose the money you need after you retire, and you may be hit with significant tax penalties for withdrawing from your retirement.)

Some consumers are worried that they will have to give up their retirement savings and investments in order to get bankruptcy protection, but there is good news when it comes to bankruptcy and your retirement:

  • Your qualified retirement, including 401k and pension plans, is 100% protected in bankruptcy by Florida law
  • Equity in your home is protected in bankruptcy if you have owned the home outright for at least three years

If you qualify for Chapter 7 bankruptcy or a Chapter 13 bankruptcy repayment plan, our attorneys can help you safeguard what is important for your future while getting rid of debt that is unaffordable now.

Contact a Sarasota Debt Relief Lawyer

At The Collins Law Group, we can help you understand how bankruptcy and your retirement may impact one another. Contact a knowledgeable Florida bankruptcy attorney to learn more about your legal rights and your options for debt relief.

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