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Royal Oak Retirement Accounts Lawyer

Protecting Your Retirement Accounts in Bankruptcy

Filing for bankruptcy does not mean mortgaging your future. Many people are afraid that in order to get a fresh start and clear their debt, they will have to abandon their retirement plans, but that is not the case. Others try to dig themselves out of their financial problems by cashing in their retirement accounts, only to find they still need bankruptcy relief. Your retirement funds are too important to spend without first speaking with an experienced lawyer. We can help you protect your financial future. At the Royal Oak law office of Bidwell Tovarez, we help clients in the greater Detroit area protect their accounts while managing their debts.

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People with large retirement accounts, such as IRAs, are afraid of bankruptcy, because they think they will lose them all as soon as they file. They often make the mistake of liquidating their savings in order to pay off their creditors and avoid bankruptcy. However, you can take steps to exempt your 401k, IRA and other retirement accounts and protect them. We will make sure these exempt assets remain intact after bankruptcy.

Whatever challenges you face, rarely is it a good idea to use your retirement funds to get out of trouble. You should never give up your future savings because of current financial concerns. Many people who try to prevent bankruptcy by giving up their savings will file for bankruptcy anyway, and could end up losing everything.

Chapter 13 Bankruptcy and Retirement Accounts

When you file for chapter 13 bankruptcy, you will create an affordable payment plan to pay back your debt. In a chapter 13 case, you can even continue to contribute to your 401k plans and repay 401k loans. Chapter 13 bankruptcy allows you to repay yourself while discharging your other debt.

Michigan Exempt Assets Attorney

Our attorneys understand that every person faces unique challenges. We will come up with a plan tailored to your needs, so you can get a fresh start without giving up your savings for the future. Located in Royal Oak, we protect the rights of families across Michigan. Call 248-237-3718 or contact us today for a free initial consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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Bankruptcy Overview Bidwell Tovarez PLLC

333 W. 7th St., Suite 230
Royal Oak, MI 48067-2510
Local: 248-237-3718
Toll-Free: 866-959-6828
Fax: 888-806-0478
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