Don’t Ruin Your Plans to Retire before Filing for Bankruptcy

When clients approach our office to look at filing for bankruptcy, quite often they have already exhausted all available means that they have to repay their debts. For months or even years, people will struggle to pay their debts while making little progress. Often, before even calling a bankruptcy attorney a person will drain their retirement savings of thousands or even tens of thousands of dollars only to ultimately file for bankruptcy when their retirement is drained and they still owe money to creditors. This is a very costly mistake that you can avoid!

In the state of California, bankruptcy filers can protect the savings in their retirement accounts from the bankruptcy trustee’s liquidation. No matter how much money is contained within an ERISA-qualified account, you can keep these funds – even in a Chapter 7 bankruptcy.

Are you dealing with debts where you have been forced to break into your savings to repay? Avoid making a costly mistake that will undoubtedly affect your long-term outlook by calling a bankruptcy attorney today. Please feel free to reach out to your Yuba City bankruptcy attorney at (530) 797-4402 to discuss how we can help you with your debts.