When we are planning for our lives ahead, retirement comes to the forefront of most people’s minds in Parker, Douglas County and across Colorado. If you’ve been planning ahead for your retirement, you may have been putting money into a 401k or other accounts under the Employee Retirement Income Security Act (ERISA). Since these retirement accounts are crucial for your financial future, it’s important to know whether they are exempt in a Chapter 7 or Chapter 13 bankruptcy.
401k Retirement Plans and Others Exempt, Protected in Littleton Bankruptcy
In Littleton, Lone Tree and across Colorado, property not included in the bankruptcy estate will usually be protected, which can include most retirement accounts. In other cases, retirement accounts (such as a 401k, IRA, or 403(b)) are exempt in a Chapter 7 or Chapter 13 bankruptcy, according to C.R.S. 13-54-102. If they are exempt, it means you’ll get to keep them after you file for bankruptcy in Colorado. However, under circumstances where you’ve combined your retirement funds with other money in a single bank account, or if your retirement plan is not a legitimate retirement plan, it will not receive the same exemptions in a Littleton Chapter 7 or Chapter 13 bankruptcy. Always speak with an experienced bankruptcy attorney concerning whether your retirement plan is exempt and which bankruptcy filing will grant you the most financial freedom.
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Denver Retirement Bankruptcy Attorney: Call Today
Consulting an experienced bankruptcy lawyer regarding protecting your retirement is essential for finding your way to a fresh financial start.
If you are considering a Chapter 7 or Chapter 13 bankruptcy, but you are worried about protecting your retirement fund in Denver or Greenwood Village, speak with a knowledgeable bankruptcy lawyer as soon as possible. Speaking with a competent bankruptcy lawyer will help you understand which bankruptcy filing can give you the most protection when it comes to your retirement plan. Call Christian bankruptcy lawyer Barry Arrington today to set up a free initial consultation, and be on your way to a fresh financial start.
If you are feeling overwhelmed by debt and want to use your 401(k) or another retirement plan to help alleviate financial stress, consider filing for bankruptcy and getting a fresh start. Contact experienced Colorado bankruptcy lawyer Barry Arrington for a free consultation at 303-205-7870. He will help you get the best fresh start possible.
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