What Happens to My Retirement Accounts in Bankruptcy?

white egg in nestFor many people, their retirement accounts are among  their most significant assets. When they consider filing a personal bankruptcy case, they are immediately concerned about how the bankruptcy will impact their retirement funds. While it is true that some assets can be seized by the trustee in order to pay creditors, the law provides debtors with protection for numerous assets, including qualified retirement accounts.

It is important to confer with us to determine whether your 401k, pension, stock bonus plan, profit sharing plan, or Individual Retirement Account (IRA) qualify for an exemption in your case. In Florida, qualified retirement accounts are  fully exempt.

It is important to discuss all of your retirement accounts with us, and let us know if you have taken any loans against your retirement accounts, as those debts need to be listed on your bankruptcy schedules.

Please keep in mind that every case is different. If you are planning to file a personal bankruptcy, and have questions about how Florida’s bankruptcy exemptions will apply in your individual circumstances,  please contact our office to schedule a no-cost consultation by completing the form on this website, calling us at 954-920-5355, or emailing us at info@lsaslaw.com.

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