Protecting Your Retirement and Bankruptcy
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Protecting Your Retirement and Bankruptcy
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About this listen
The First thing Corey Carpenter tells people considering ways to stay out of bankruptcy is: DO NOT dip into your retirement unless it is the absolute last option that is available to you. There may be tax consequences if you do so!
As a general rule, employer sponsored retirement plans (and even rollover accounts from such plans), are 100% exempt in bankruptcy, regardless of what type of bankruptcy you file.
The goal of bankruptcy is to give you a financial fresh start for your future. And in that future, you will absolutely need your retirement; and you should be able to keep it into your retirement years.
In many instances, provided there’s a history of consistent contributions to an employer sponsored retirement plan, you can continue to do so even while going through bankruptcy.
Contact Corey Carpenter:
Carpenter Law Website: https://mycarpenterlaw.com
Email: coreycarpenter@mycarpenterlaw.com
Call or text: (248) 327-7817