Flagler Beach Bankruptcy Attorney
Flagler Beach Bankruptcy Lawyer Attorney Profile Practice Areas Frequently Asked Quesitons Resources Contact Us
Is Bankruptcy a Solution For Me? Chapter 7 or Chapter 13? Can I Eliminate My Second Mortgage? Is My 401k Protected in a BKY?
Learn more about us by reading our blog.
109 South 5th Street, P.O. Box 1 Flagler Beach, FL 32136
Social Media

Is my 401(k) protected in a Bankruptcy?

Qualified retirement accounts, including 401(k)'s, are generally protected in a personal bankruptcy case. This means that protected retirements accounts remain your property during and after a bankruptcy case. At the Law Offices of Scott W. Spradley, P.A., I personally review your retirement accounts with you so that I can properly advise you as to whether your accounts are protected and will remain yours in the event a bankruptcy is filed.

Since the Bankruptcy Code allows you to retain certain retirement accounts, it is usually a bad idea for you to make withdrawals from your 401(k) to pay off credit card debt. This is because if your financial circumstances suggest you should file a bankruptcy case, the credit card debt will usually be discharged in its entirety. Paying down the balances of credit cards with retirement funds that will be exempt in a bankruptcy case is arguably the equivalent of throwing your money away. So, before you make a withdrawal from your IRA or other qualified retirement account to pay down or pay off a credit card or other debt, schedule an appointment with me at the Law Offices of Scott W. Spradley, P.A. for a free consultation.

Flagler Beach Bankruptcy Attorney | Contact Us | Site Map | Privacy Policy

Attorney Web Design

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

Address: 109 South 5th Street, P.O. Box 1, Flagler Beach, FL 32136 Phone: (386) 693-4935