When you are facing retirement, your sources of income become limited and you may be dependent on limited social security income along with your retirement savings. You’ve worked hard to earn your social security funds and your savings. Those funds need to last the rest of your life. If you still have a lot of debt looming over you through your retirement, all those funds you earned may end up in your creditors hands if you don’t take care of it now.
One of the best features of bankruptcy is to protect your assets. There are exemptions in bankruptcy to protect your retirement assets. Retirement accounts include 401(k) accounts (private retirement), 403(b) accounts (non-profit retirement), CalPERS accounts (public employees’ retirement system), STRS accounts (state teachers’ retirement system), as well as Roth and traditional IRAs. Bankruptcy protection provides unlimited protection for most retirement accounts. There are also exemptions to protect your personal belongings and your real estate.
You can keep your retirement accounts and bankrupt out of your debt. The funds that you earned over the years to save for your retirement can be yours to keep. If you use your retirement money to pay your creditors, you may not have an opportunity to earn more funds to help you in your retired years. Don’t let your creditors take your retirement away from you. Contact us to see how we can help you protect all of your hard earned retirement assets and get rid of all of your outstanding debt with your creditors.
Most people worry that bankruptcy will destroy credit scores. When considering bankruptcy, don’t be concerned about the credit score itself. You should first ask yourself “What do I need my credit rating for in the next 2 to 3 years?”. If you are not planning on using any credit lines over the next few years, then why are you concerned about your credit score? Ask yourself if your day-to-day life will change at all if your credit score takes a temporary dip. Most likely, your life will not change at all. Your credit score is not a static number. Credit can be rebuilt, but retirement funds may not have the opportunity or time to rebuild.
If you need more information on how bankruptcy can help you, contact us at (855) 257-7671 to ask questions over the phone or set up an in-person consultation. Bankruptcy Law Professionals has offices in Riverside and Orange County to serve you.