Given the volatile nature of the economy, preparing for retirement has become more important than ever before. Millions of people find themselves at retirement age without enough money to get by without staying in the workforce. Even for people just now entering the workforce, already giving consideration to retirement can help to avoid the difficulties that have faced earlier generations.
For that reason, every dollar you put in your retirement account should be held onto at all costs. For people who are filing for bankruptcy, retirement accounts are among the financial resources that are protected under law. A person filing for bankruptcy may have to forfeit many of their assets, such as savings, but money kept in a retirement account does not need to be used to repay debts.
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Nonetheless, some people do opt to tap into their retirement in an attempt to repay heavy debt before filing for bankruptcy. Although this may have the short-term benefit of eliminating that much more debt, it means going without that money later in life. Because retirement assets are protected, filing for bankruptcy can save you much more money in the long term than trying to use your hard-earned retirement to repay your debts.
The skilled Boston bankruptcy lawyers of Joshua Spirn & Associates have decades of experience helping clients like you create an individualized plan for repaying their debts while protecting their valuable retirement funds. They can bring their know-how to bear on your case, allowing you to focus more of your attentions on your day-to-day life.
When your personal finances become stressed to the breaking point, filing for bankruptcy can be a way for you to alleviate the burden of debt and get your finances in order. By working with the Boston bankruptcy lawyers of Joshua Spirn & Associates, you can create a plan to eliminate your debts without jeopardizing your future.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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