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Mike and Jenny have saved money for most of their working lives, and they have put nearly all of that money into an IRA.  But in the last few years, their graphic design business has lost client after client.  A business bankruptcy is a real possibility, and a personal bankruptcy may not be far behind.  Mike and Jenny are concerned about the effect that a personal bankruptcy would have on their retirement savings.

Because Mike and Jenny were self-employed, their retirement savings may be considered part of the bankruptcy estate; however, most ERISA plans and 401k plans contain anti-alienation language which, according to the Supreme Court, makes them separate from the bankruptcy estate.

And, even if the retirement savings are part of the bankruptcy estate, those monies may be exempt under state or federal law.  The experienced professionals at Henley and Henley, P.C., can look at your retirement plan and determine its fate under the Bankruptcy Code.

Bankruptcy Consultation

 Some people avoid going to the doctor because they are afraid they will hear bad news.  You shouldn’t let fear influence your health care decisions, and you shouldn’t let fear influence your financial decisions.  Don’t avoid talking to a bankruptcy attorney because you are afraid that the attorney might not have good news.  Call today for your free consultation.