Will My IRA Be Safe in a Bankruptcy in New Jersey?
Many people make the mistake of dipping into IRA or 401(k) accounts to pay off excessive credit card debt without realizing that those assets would be safe if they filed bankruptcy. If you have serious debt problems, contact an experienced bankruptcy lawyer for advice before you spend your retirement savings.
At Goldman & Beslow, LLC Attorneys At Law, our attorneys have more than 44 years of experience helping debtors get a fresh financial start. We are fully familiar with bankruptcy law exemptions that allow you to protect assets such as retirement savings and life insurance policies. We offer a free initial consultation to evaluate your assets to determine which would be protected. We offer services in three convenient New Jersey locations in East Orange, Jersey City and Paterson.
Can Creditors Take My 401(k) or IRA?
When you file bankruptcy, certain assets are protected by bankruptcy law exemptions. This means that the trustee cannot take these assets to pay your creditors. All money in a pension plan or 401(k) plan is protected. The law also protects up to $1 million in an IRA.
Your retirement savings are for your future, and it’s not a good idea to use these funds to resolve short-term debt problems. Too often, debtors exhaust their retirement savings to pay bills only to find out that they have to file bankruptcy anyway. By filing bankruptcy, you can get the fresh financial start you need and keep your retirement savings.
Contact Our Jersey City 401(k) and Bankruptcy Attorneys
Let us get you back on your feet so you can get on with your life. Call our experienced Essex County, New Jersey, bankruptcy lawyers today for a free one-half hour consultation at 973-414-8069. Our lawyers serve Essex, Union, Hudson, Passaic, Bergen, Morris, Middlesex, Sussex and other New Jersey counties.