Will My Retirement Account Be Taken in Bankruptcy?
Are you swimming in debt? Do you believe that Chapter 7 is the right option for you? Are you worried that you will not qualify? Before you despair, talk to an experienced bankruptcy attorney. Our attorneys will help to analyze your debt and guide you through your options.
Our attorneys at Atlas Consumer Law provide our clients with experienced, knowledgeable legal advice. We are aggressive in pursuing the kinds of resolutions you need and are dedicated to alleviating our clients of burdensome debt. Let us use the law for your benefit. We are located in Oak Brook, Illinois, and serve a broad range of clients in Chicago and the surrounding areas.
What Happens to My Retirement Accounts?
One of the main concerns that older individuals have when faced with bankruptcy is what will happen to my retirement accounts if I become bankrupt? We are pleased to tell you that your retirement accounts are protected in the event that you file for bankruptcy.
My Income Is Too High for Chapter 7 Bankruptcy
To qualify for bankruptcy, you need to have a low enough disposable monthly income. In some cases, individuals might have difficulty qualifying for a Chapter 7 bankruptcy, which may be more advantageous because it offers a chance to wipe away debt. It is important to understand that money that is put into your retirement count is not considered when determining eligibility for Chapter 7 bankruptcy. In addition, putting more money in your retirement account is beneficial because it allows for a more secure future.
The means test is generally used to determine if an individual qualifies for Chapter 7 bankruptcy. However, it is important to note that in some cases you do not have to qualify. In some cases. you may make a very high salary and may still qualify for Chapter 7 bankruptcy. To learn more about how this is possible, you need to speak with one of our experienced attorneys.
If you are interested in filing for bankruptcy as a solution to your mounting debt, it is important that you speak with an experienced and knowledgeable Chicago bankruptcy lawyer.
We will guide you through the process, helping you every step of the way. Contact us online or by calling us at (312) 313-1613.