Salt Lake City, Provo & Ogden Bankruptcy Lawyers

Are Retirement Accounts Part of the Estate?

The type of retirement plan involved will directly affect the way that it is treated in a bankruptcy case. Depending upon the particular situation, a retirement plan may or may not be included in part of the estate which is eligible for liquidation to satisfy creditor claims. Generally speaking, assets in employer-sponsored, tax-qualified retirement plans (such as pension, profit sharing and 401(k) plans) have been protected during bankruptcy cases.

Since the decisions of the U.S. Supreme Court in Patterson v. Shumate (1992) and Yates v. Hendon (2004), increased protection has been given to people filing for bankruptcy who have specific types of retirement plans. It is important to understand how these specific rulings might affect your retirement protection in relation to your bankruptcy case. A Salt Lake City bankruptcy attorney at the Stone Law Firm can help you understand this in detail.

Retirement Protection for Salt Lake City Bankruptcy Cases

The last thing that you want to happen is to lose your retirement fund in your bankruptcy case. What if a simple adjustment could protect your retirement plan? Talk to a bankruptcy lawyer at the Stone Law Firm today to find out exactly how bankruptcy may affect your retirement plan, and what can be done to offer you maximum protection allowable under state and federal bankruptcy law. We can evaluate whether your retirement account may be counted as part of your estate and what we can do to help ensure it is exempt.

The experienced bankruptcy attorneys at our firm represent clients throughout all of Salt Lake City, Provo and Ogden, Utah. We offer a free initial case evaluation to discuss your particular legal matter and what we can do to help.

Contact a Salt Lake City bankruptcy lawyer at our firm today to learn more about retirement protection and whether your retirement account can be excluded from your estate in your bankruptcy case.