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Depending on your age, your career and how long you have worked, it is possible to have hundreds of thousands of dollars stored away in various retirement fund accounts. When you face financial difficulties, it can be tempting to access these funds prematurely and pay off your debt. Don't do this. Contact our offices to learn more about how filing for bankruptcy can stabilize your finances without sacrificing your future.
At Ledford & Wu, our experienced bankruptcy lawyers have a thorough understanding of what filing means for different individuals. We will have a detailed discussion with you about your financial concerns, and provide advice on the right steps to take. Employee Retirement Income Security Act (ERISA) qualified retirement funds are 100 percent protected when an individual files for bankruptcy. Pensions, IRAs, 401(k)s and 403(b)s are protected from creditors and liquidation as long as they stay right where they are. If you remove these funds to pay creditors, they are no longer protected. You will likely pay income tax on this money as well as an early withdrawal penalty. Contact our office before you do this, and we can help you learn more about your options.
Don't Damage Your Future by Overreacting in the Present
Many people consider borrowing from their retirement account to pay off debt. We strongly encourage you not to do that. Leveraging your future assets to eliminate creditor harassment in the present is not an effective strategy. Contact our firm immediately. By filing for bankruptcy, together we can end creditor harassment and protect your financial future.
Contact an Experienced Chicago, Illinois, Attorney
Bankruptcy is a powerful tool for debt relief. Call 888-542-1900 or contact our offices by e-mail to discuss your options during a free consultation with an attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
