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.