Considering
Bankruptcy in Retirement?
The first thing to know is filing for bankruptcy isn't
giving up. Filing bankruptcy can be a wise decision that can protect your
retirement assets and prevent the possibility of leaving financial burdens to
your family. Even if you have made careful financial arrangements for your
retirement, unexpected problems can arise. You may consider filing for
bankruptcy after the death of your spouse or a serious illness that resulted in
significant medical bills. Losses in investments or real estate, reduced
pensions, predatory lending, and sometimes simply the rising cost of living can
all be reasons to file for bankruptcy.
How Can Bankruptcy Help?
Filing for bankruptcy does have many benefits. For example,
a bankruptcy discharge does not affect your retirement assets. You will not
lose your retirement plans, including your 401(k), 529 Plan, Roth IRA, or SEP
IRA. Filing for bankruptcy will enact an automatic stay, which will stop
creditors from harassing you. It will also put a stop to eviction or
foreclosure proceedings and protect your personal property, in addition to
giving you greater financial stability to enjoy your retirement.
If you are in financial distress, bankruptcy may be a viable
option to help you get back on track. The first step is to contact an
experienced bankruptcy lawyer who can help you understand your options and explain
the process of filing for bankruptcy to you. Call King & King today at
404-524-6400 for a free consultation or visit us at www.kingandkingattorneys.com for
more information.
