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http://www.yourhoustonconsumerattorney.com/blog/file-for-chapter-7-bankruptcy-and-keep-your-retirement-savings/ File For Chapter 7 Bankruptcy And Keep Your Retirement Savings
Most people work hard to plan for retirement by setting aside money in specified retirement funds.
Whether you have savings in an IRA, 401(k), 403(b) or 457 Plan, the purpose remains the same: to provide accessible resources for a time when you are ready to stop working due to your age or disability.
To encourage people to save money for retirement, federal and state laws provide particular protections for these funds, even if you go too far into debt and need to file for bankruptcy.
With few exceptions, you should avoid dipping into your retirement accounts to pay off debt and instead consider filing for bankruptcy.
An early withdrawal from your retirement account could trigger costly tax consequences.
On the contrary, if you file bankruptcy, you can take control of your debt and keep your retirement.
Bear in mind that the Bankruptcy Rules treat each kind of retirement fund differently — therefore, it is important to consult a bankruptcy attorney who can accurately assess your finances.
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