BANKRUPTCY VIDEOS
- Introduction to Bankruptcy
- Types of Bankruptcy
- Limits of Bankruptcy
- Filing for Bankruptcy
- Meeting of Creditors
- Bankruptcy Court Hearings
- The Bankruptcy Discharge
- The New Bankruptcy Law
- The Credit Damage Myth
- Chapter 7 Bankruptcy Explained
- Chapter 13 Bankruptcy Explained
Blog
- Will Filing Bankruptcy, Cause Me To Lose My Recreational Vehicle(s)?
- Am I Better Off Trying to Work with a Credit Counseling Agency?
- Will I Loos My Retirement Account If I File Bankruptcy?
- Will Filing Bankruptcy Ruin My Credit?
- Will The Bankruptcy Trustee Take All My Belongings?
Assuming you own the recreational vehicle free and clear or have substantial equity in it, the answer as to whether you will be able to keep it depends... Read more
Honestly, I cannot think of any situation where working with a credit counseling agency would be better than filing bankruptcy. I would suggest pursuing... Read more
In nearly all bankruptcy cases, you will not lose your retirement account. The bankruptcy code specifically provides certain exemptions. These bankruptcy... Read more
The truth is, if you are contemplating filing bankruptcy, the chances are your credit has already been ruined. Bankruptcy will negatively affect your... Read more
The answer to this is absolutely not. The government views bankruptcy as a way to give citizens a fresh start. It does this by eliminating debt legally... Read more
How Bankruptcy Law Protects You
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Will I Loos My Retirement Account If I File Bankruptcy?
In nearly all bankruptcy cases, you will not lose your retirement account. The bankruptcy code specifically provides certain exemptions. These bankruptcy exemptions allow certain retirement accounts that are considered “qualified” under the I.R.S. Code to be exempt. This means that most retirement accounts such as IRA’s, SEP IRA’s, 401K’s, etc. are protected and you will not lose them by filing bankruptcy under either chapter 7 or chapter 13. This is true regardless of the amount you have in the retirement account. The exemptions also provide for protection of certain pensions. For example pensions belonging to firemen, police officers and teachers are protected.
However, you should be aware that any proceeds placed into your retirement account within the six months prior to filing bankruptcy are not protected. The reason for this is that the government does not want people taking large amounts of cash that would otherwise not be exempt and stashing it into retirement accounts in order to get around the bankruptcy exemption laws.