• Free Bankruptcy

    Evaluation

    Start on the road to financial freedom; contact us today for a free evaluation.

    Start Now
  • Read What Our

    Clients Are Saying

    Our results speak for themselves; see what our clients are saying.

    Read More
  • Seven Convenient

    Locations

    We have many locations to serve you, click here to find your nearest location.

    Contact Us
  • Meet Our

    Team

    Our team has 30+ years of experience. Get an experienced team on your side.

    Click Here

Retirement Funds and Bankruptcy

Bankruptcy is often a viable option for people who are buried in debt and need a fresh financial start. However, some may hesitate to consult a bankruptcy lawyer because they’re concerned about losing their hard-earned retirement savings. Fortunately, in most cases, those who file for bankruptcy can keep their retirement accounts.

 

mature male worried and depressed about bills

Thanks to bankruptcy law reforms passed in 2005, almost all pension plan funds and retirement accounts are exempt. This means that they cannot be used to pay back creditors if you file for a Chapter 7 bankruptcy. And if you file for a Chapter 13 bankruptcy, having these assets will not affect the amount you must repay your creditors because they are exempt assets. As an added bonus, the entire amount of any exempt retirement accounts are out of reach of creditors. However, there are a few exceptions, including Roth IRAs and traditional IRAs.

 

The bankruptcy lawyers of Cutler & Associates, Ltd. look forward to meeting you and answering your questions regarding exempt assets and other aspects of filing for bankruptcy. You can schedule an appointment at our offices in Aurora or Schaumburg by calling (847) 505-0380.

FREE Bankruptcy Evaluation

Fill out the form below and one of our experienced attorneys will get in touch with you immediately.