Bankruptcy And Retirement Savings

An Experienced Lawyer Can Minimize Or Eliminate Losses In Bankruptcy

Retirement savings accounts are not designed to be used for emergencies. They are designed to pay for your long-term care once you no longer have a steady income from employment. Unfortunately, many people who face a sudden financial hardship look to these accounts for a way out, and it often only leads them into more challenges due to unexpected tax burdens and the loss of precious savings that took a lifetime to accumulate.

If you are struggling to keep up with mortgage payments or cannot pay your debts from other creditors, do not use your retirement savings like 401(k)s, pensions or IRAs to pay your debts. These savings can be saved through bankruptcy exemptions while still lifting the burden of debt off your shoulders.

Furthermore, if you choose to use these funds before your account permits it, you will likely face a heavy and unexpected tax burden, landing you back in a dire financial situation.

Bankruptcy truly provides one of the most lasting and feasible solutions to debt relief, and while filing for bankruptcy involves complicated information, its effect on your daily life is only positive.

Contact my office, Jeffrey P. White and Associates, P.C., to learn more about how Chapter 7 bankruptcy, Chapter 13 bankruptcy and bankruptcy exemptions can address your concerns. I offer more than 30 years of experience in law, a long history of success as an attorney, and a willingness to work with clients one-on-one through every stage of the legal process.

Reach my office, located in Lewiston-Auburn, online or by telephone at 207-689-2111 (toll free at 888-351-8426). I represent clients in this area, in the Portland area and throughout Maine.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.