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Can I Keep My Retirement Savings?

Can I Keep My Retirement Savings?

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.

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