Many people end up exhausting their retirement savings in order to pay off debts such as hospital or credit card bills. A better solution may be to discharge the debt by filing bankruptcy. When you file bankruptcy, you can keep your retirement savings and many of your other assets.
I am Birmingham bankruptcy attorney Brent W. Davis. I dedicate my entire practice to helping people seek debt relief through Chapter 7 and Chapter 13 filings. With more than 20 years of experience practicing exclusively in the area of bankruptcy law, I am in a strong position to help you eliminate debt while protecting your retirement savings.
What Retirement Savings Are Protected When I File Bankruptcy?
When you file bankruptcy, qualified retirement savings are protected, including:
- Pension plans
- 401(k) plans
- IRA accounts up to $1 million
Not all retirement accounts are qualified. For example, some employers provide executives with nonqualified retirement benefits, in addition to the ERISA-qualified plans that are provided to other employees. Nonqualified plans are not protected. In addition, if you put money or stocks in an account that is not a 401(k) or IRA, that money is not protected even if it is intended for your retirement.
Schedule a Free Initial Consultation With a Birmingham Bankruptcy Attorney
To discuss protection of retirement savings in bankruptcy, call me, Birmingham lawyer Brent W. Davis. You can reach me by phone at (205) 989-1919 or via e-mail. My regular business hours are 7:30 a.m. to 6 p.m., Monday through Friday, and free parking is available.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.