Salt Lake City Bankruptcy Attorneys

How Do I Plan for Bankruptcy With My Retirement?

In determining whether to file for bankruptcy and how to address your serious financial situation, it is important to take your retirement plan into account. If you have a retirement account, you probably want to be sure that it will not be taken by the bankruptcy trustee and the money in it used to pay off your creditors. A Salt Lake City bankruptcy attorney at our firm can help you plan for bankruptcy with your retirement accounts in mind.

Outside of bankruptcy, state law applies in the determination of whether a retirement plan may be seized by creditors. Where state law does not protect retirement plan assets outside of bankruptcy, the debtor may be forced to file for bankruptcy in order to take advantage of new bankruptcy laws. As a last alternative, bankruptcy can be invaluable in protecting IRAs and other non-qualified plans.  In other words, a creditor should not borrow or withdraw funds from a qualified or IRA retirement account to satisfy unsecured creditors.  The creditors cannot touch the retirement accounts in bankruptcy, so borrowing against or liquidating retirement accounts is almost always ill advised.

Bankruptcy Lawyers for Retirement Protection in Salt Lake City, Utah

At the Stone Law Firm, we represent clients throughout all of Salt Lake City, Ogden and Provo, Utah. It is our goal to give you the highest amount of retirement protection that we are able to give through effective, knowledgeable legal representation. A major part of this will be whether your retirement accounts are counted as part of your estate, and we understand what types of accounts qualify for exemption. There is no obligation in contacting an attorney at our firm, and this can help you make an informed decision regarding whether to file, and what affect this will have on your retirement.

To find out more about retirement and bankruptcy, contact a Salt Lake City bankruptcy lawyer at our firm today!