Will Filing Bankruptcy in Georgia Have A Negative Effect On My Retirement?

Considering Bankruptcy in Retirement?

Filing bankruptcy in Georgia can be a wise decision that can protect your retirement assets and your family. If you have made careful financial arrangements for your retirement, unexpected problems can arise. The death of your spouse, a serious illness, 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. King & King can help.

 

 

 

What Can Bankruptcy Do to Help?

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 contacting 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.

 

You deserve to enjoy your retirement. The experienced bankruptcy lawyers at King & King can help you understand your options and explain the process of filing for bankruptcy to you. Call us at 404-524-6400 for a free consultation or visit us at www.kingandkingattorneys.com for more information.

Retirement and Bankruptcy in Georgia

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.

Do's and Don’ts For Filing Bankruptcy In Georgia

Filing for bankruptcy can be difficult and complicated. We've put together a quick overview to help you when filing for bankruptcy in Georgia. Our list is a great overview, but reviewing with a qualified attorney is the best way to get answers to your questions.

Bankruptcy Do's:

 Do be honest with your attorney — King and King handles all your personal information with confidentiality and privacy. Be sure to tell us everything so we can file your bankruptcy petition accurately.

 Do continue making mortgage payments — If you get behind after filing bankruptcy, your creditor can begin foreclosure on your home. The good news is we can help even up to the last moment, and may be able to resolve the situation if you fall behind while in an active bankruptcy.

Bankruptcy Don'ts:

Don't hide your property —Transferring your property to another person may be seen as fraudulent. Let us help you keep it.

Don't pay off personal loans — If you owe money to family members, now is not the time to repay them. Let the bankruptcy court determine the priority of your creditors and handle it through the proper channels.

Don't spend your retirement money — More good news, most retirement accounts are exempt in bankruptcy.  Speak with your attorney for more details.

If you are ready to speak to a bankruptcy attorney who can help, call 404-524-6400 for a free consultation today.  Need more information? Visit us online at www.kingandkingattorneys.com

If I file Bankruptcy in Atlanta Will I Be Allowed To Keep My Retirement Savings?

Georgia bankruptcy court wants you to have savings for your retirement. So the good news is your 401(k) is a protected asset. The money in that account cannot be targeted through the bankruptcy process. So no matter how much money you have in your 401(k), creditors cannot request any money from it to pay what you owe. Student loan creditors are also prevented from taking money from your 401(k).

One thing to keep in mind with 401(k) retirement accounts and bankruptcy is your money is only considered a "protected asset" if it stays in your 401(k). If you move any funds to your regular checking or savings account that money becomes an "unprotected asset." Unprotected assets can be lost during bankruptcy.

If you feel you really need to move funds from your retirement account, consult the bankruptcy attorneys at King and King. We offer a free consultation and can provide you with all the information you need to make the most informed decision. Call us at 404-524-6400 or visit us at www.kingandkingattorneys.com for more information.

Social Security Income and Bankruptcy

What Will Happen To My Social Security Income If I Declare Bankruptcy?

The good news is Social Security retirement benefits are protected in bankruptcy.

The most commonly used protection for benefits is the fact that social security income is excluded from income available to repay creditors. This means it does not count in the means test for chapter 7 eligibility, and is not considered as income used to determine the amount to repay unsecured creditors in a chapter 13 bankruptcy.

If you are considering filing for bankruptcy you need to speak to a professional. Call the bankruptcy attorneys of King and King in Atlanta, Georgia for a free consultation. 404-524-6400

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