Florida Bankruptcy & Retirement Lawyer
How Bankruptcy Can Help You Keep Your Retirement Savings
If you have spent your life working hard and saving for retirement, you deserve the security of knowing that you will be able to retire at a reasonable time with financial solvency.
In more than 40 years of combined experience, the Florida bankruptcy & retirement lawyers of Nowack & Olson have seen far too many people compromise their retirement in order to pay off old debts. Many of these individuals could have securely retired on their desired schedule if they had spoken to a bankruptcy lawyer about their options.
How It Works In Florida
For example, let’s say you have a 401(k) that you have paid into for decades. However, you also have a mortgage that is underwater. Many people are tempted to raid their retirement funds to stay on top of a mortgage or another debt. However, there is a very real possibility that your funds will run out and you will still end up losing the house.
If you juggle debts, you may end up with nothing. Filing bankruptcy could allow you to discharge or gradually pay off your debts while protecting the assets you have worked so hard for, like your retirement savings.
Keeping Your 401(k) And IRA Savings During Bankruptcy
Many people are worried that filing for bankruptcy will leave them with no assets — that although their debt will be discharged, they will be left with nothing on which to build a new life. One of people’s biggest concerns is what filing bankruptcy will mean for their hard-earned retirement savings.
Using both the Florida and the federal codes, lawyers at Nowack & Olson, PLLC, will work to ensure that you get the maximum exemptions. Remember: Bankruptcy laws were developed to give you a new start, not to leave you destitute.
From our office locations in Fort Lauderdale, Miami, Boca Raton and Jupiter, our lawyers have been handling bankruptcy matters for South Floridians for more than 20 years. We have seen the laws change, and we are well-versed in all areas of the federal Bankruptcy Code. Our lawyers even helped create new laws for the Florida Bankruptcy Code. We have a solid record of success.
Retirement Assets Are Exempt During The Bankruptcy Process
If your retirement savings/investments are in an Employee Retirement Income Security Act-qualified pension plan, your retirement assets are exempt. As with many federal laws, ERISA can be complicated and in order to ensure that your retirement accounts are covered under this law, it is best to contact Nowack & Olson so that we can accurately assess your assets.
Won’t Bankruptcy Ruin My Credit?
Actually, bankruptcy helps your credit in the long term. If you are making minimum payments on your debt or missing payments altogether, your credit score has already sunk. Bankruptcy can help you eliminate the debt that is killing your credit score so you can start rebuilding. Many of our clients see their credit scores rise 100 points within the first year or two of filing — something that is impossible without the fresh start that bankruptcy provides.
Contact Us Today To Schedule Your Free Consultation
We offer a free initial consultation, so there is no financial risk in learning more about how bankruptcy in retirement can help you meet your long-term goals. Call 866-907-2970 or fill out our contact form today to be contacted by one of our respected Florida bankruptcy lawyers.
For the convenience of our clients, we have offices in Fort Lauderdale, Miami, Boca Raton and Jupiter.
