Protecting Your Retirement and Bankruptcy

The First thing Corey Carpenter tells people considering ways to stay out of bankruptcy is: DO NOT dip into your retirement unless it is the absolute last option that is available to you. There may be tax consequences if you do so!

As a general rule, employer sponsored retirement plans (and even rollover accounts from such plans), are 100% exempt in bankruptcy, regardless of what type of bankruptcy you file.   

The goal of bankruptcy is to give you a financial fresh start for your future.  And in that future, you will absolutely need your retirement; and you should be able to keep it into your retirement years.

In many instances, provided there’s a history of consistent contributions to an employer sponsored retirement plan, you can continue to do so even while going through bankruptcy. 

Contact Corey Carpenter:

Carpenter Law Website: https://mycarpenterlaw.com

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