It appears these days the average age of retirement has risen. Where once people decided to hang up their briefcases in their mid-fifties, people now are working up to the age of seventy, and often even longer than that. This may happen out of necessity or because people simply want to work and enjoy the interaction and activity - whatever the reason, the work still allows one to save money in a 401k in the event one does decide to retire. What if, however, a person experiences financial difficulties that result in filing for bankruptcy? Will all that hard-earned money disappear to satisfy debts, leaving nothing for the future?
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First, let's examine why people may file for personal bankruptcy. There are various factors involved that may apply to different situations, and it's important to note that bankruptcy doesn't always result from lax or dubious behavior. People may consider filing for a number of reasons:
A severe illness or injury has depleted funds and made it a challenge to regain a liveable income. A downtown in the economy has resulted in lost wages and difficulty in finding a job with a comparable salary. A natural disaster or accident has caused damage to the home or car, resulting in expensive repairs from which the homeowner isn't able to immediately recover.
If you have considered filing for Chapter 7 or Chapter 13, you should consult with a personal bankruptcy attorney who will assist you with the necessary paperwork and court appearance. If and when your case is approved, you will receive guidance on how to rebuild your credit and your income.
A common worry among people who consider bankruptcy is what they will have to give up in order to qualify for the benefits. Will you lose your home, your car, and other assets that have been in the family for generations? The answer largely depends on your situation - no two cases are the same, and there may be measures to take that keep you in your home and able to work.
What, you ask, about retirement savings? It's frightening to think that everything you saved toward your life after work could disappear in a flash, forcing you to start over. As it turns out, bankruptcy laws are in place to protect these assets from seizure. In other words, the money you set aside cannot be used toward relieving your debt unless you voluntarily allow it to happen.
Whether you want to do so, however, is up to you. The counsel of a reputable bankruptcy attorney can help you decide.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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