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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5.0/5.0Thank you Field and Associates for the ease and the professional advice and filing of my bankruptcy. I will recommend you to all family and friends that find them selves in the same position I was in.
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Super nice! Someone always answers when you call and get things done in a timely manner. Will recommend.
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Jeff Field and Associates have been fantastic. From Chris to Casey and also Jeff. Grateful for their guidance during this time!
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Jeff Fields and Associates are great bankruptcy attorneys.They made the process for me stress free, I would definitely recommend this firm❤️❤️❤️
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5.0/5.0
These guys, especially Laura, put in over and above to help finish my case!
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