Salt Lake City Bankruptcy Attorneys

Pensions – Retirement Protection and Bankruptcy in Salt Lake City, Utah

If you are considering filing for bankruptcy or have already filed, how your pension plan is affected will be a major factor in your case. Specific tax-qualified retirement plans, including 401(a), pensions, profit-sharing and 401(k) plans, and other miscellaneous qualified plans are granted full federal exemption in bankruptcy cases. If you would like to find out more about your pension may be affected by filing for bankruptcy, please contact a Salt Lake City bankruptcy lawyer at the Stone Law Firm today. We can use our knowledge of state and federal bankruptcy law to determine how your retirement plan may be affected and whether you may qualify for a retirement exemption.

If you have a 401(k), 401(a), pension or other qualified retirement plan, it should be granted 100% exemption in your bankruptcy case. By working with an attorney, you can help ensure that it is not touched. Simply because you are filing for bankruptcy does not meant that your pension should be liquidated to pay off creditors, and you are in fact protected from that precise thing.

Choose the Right Bankruptcy Lawyer

Choosing the right bankruptcy lawyer is important, in order to ensure that you are fully protected under federal bankruptcy law. The full amount of your pension should be exempt and therefore protected. Although there is a limit to exemption for IRA plans, this does not apply to pension plans. For this reason, it is often wise to simply file for bankruptcy rather than to withdraw money from your retirement plan to pay off creditors. By filing for bankruptcy and working with a competent attorney through the process, you can discharge your debt while keeping the full amount of your pension or possibly your other retirement account.

The Stone Law Firm represents clients throughout all of Salt Lake City, Ogden and Provo, Utah and offers a free initial consultation to discuss your particular situation.

To learn more about pension and retirement exemption in your bankruptcy case, contact a Salt Lake City bankruptcy attorney at the Stone Law Firm today.