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Atlanta Bankruptcy Attorney on Retirement Accounts in Bankruptcy

One of the biggest mistakes I see clients make is to raid their 401k or IRA retirement accounts to pay off creditors shortly before filing bankruptcy.  Not only is this not allowed under the bankruptcy code, as you cannot favor one creditor over another, but your retirement accounts are SAFE WHEN FILING BANKRUPTCY. If you are filing either Chapter 7 or Chapter 13 in Atlanta, your retirement accounts are either exempt (not capable of being seized by creditors or the Trustee) or not part of your bankruptcy estate at all.  The following accounts are exempt and thus not capable of being seized by your creditors or the Trustee:

  • Individual retirement accounts (IRAs and ROTH IRAs)
  • Roth IRAs
  • SEP and SIMPLE IRAs
  • Keogh plans
  • 401(k) accounts (including ROTH 401(k))
  • Pension plans

Call me today if you want to learn more about how your retirement accounts are protected when you file bankruptcy.  I can be reached at (678) 587-8740 or by email at willgeer@atlbankruptcyhelp.com. I am flexible and understanding of my clients’ needs, and I will gladly meet you at my office, your home, or a local coffee shop to discuss your case.

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