When you have worked for so many years to build up your retirement savings, the last thing you want is for creditors to come after your 401(k) account if you file for bankruptcy. .
Fortunately, whether you file a Chapter 7 or Chapter 13 bankruptcy case, your 401(k) account is considered to be a protected asset under both state and federal law. Creditors may go after the funds you have in checking and savings accounts, as well as in traditional brokerage accounts, but they are not allowed to touch your 401(k). This makes a 401(k) one of the safest types of investment avenues there is, as it will stay intact even after filing for bankruptcy.
Therefore, you should resist the urge to withdraw from your 401(k) to help you pay off your debts. Your retirement plan is protected, but as soon as you take money out of it, that cash is up for grabs.
For assistance with all aspects of the bankruptcy process, speak with a skilled Georgia attorney at Jeff Field & Associates by calling 404-381-1278 or by contacting us online.
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5.0/5.0Chris and Laura have been amazing! The process seamless! All of my questions and needs were addressed! I highly recommend this office for your BK needs!
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This is the best Bankruptcy Lawyers ever They treat you with respect and do not judge you for the mistakes you made.Mr.Sleeper and MS.Brown are the best they answered every question I had and if I couldn't reach them they always responded to my voice...
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Jeff Fields and Laura Everett were wonderful! It was hard but they were so helpful and with me every step of the way. They answered every question and were very accessible. I hope noone has to experience this road, but if you do, try Jeff Field & Ass...
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I had my concerns about filing initially, but Jeff walked me through the process and with his calm demeanor, made this process not at all as daunting as I initially thought it would become. The process flowed effortlessly and Cassie (a BIG shout out ...
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Due to medical expenses and serious physical problems I had to file bankruptcy. I was nervous and really depressed about the whole situation. I called Jeff Field & Associates and felt at peace after talking to a lawyer. I decided to go with them and ...
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