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For those seeking the services of a St. Louis bankruptcy attorney, one concern is that their retirement assets will be taken by the bankruptcy trustee. People work hard to prepare for retirement, and many worry that one illness or job loss could suddenly erase years of saving. Fortunately, in Missouri, retirement accounts are exempt from bankruptcy. This means that a person will get to keep their pension, 401(k), IRA, and other retirement assets.
While traditional retirement accounts are exempt, people may have investments that are not going to be exempt from bankruptcy that they hope to use for retirement. These non-exempt assets include:
If a person has a rental property, for instance, that they hope to use for income after retirement, that real property could be liquidated in a bankruptcy. Obviously, people want to keep as many assets as possible while working to manage debt, so a St. Louis bankruptcy attorney can discuss any assets you may have and exemptions that may apply, allowing you to keep as much as possible while still making good on the debt you owe.
For those without non-exempt property, Chapter 7 bankruptcy is likely the best option. With this, a person’s non-exempt assets are seized and the proceeds go to creditors. After that, the bankruptcy is discharged. For those who only have a pension for retirement, for instance, they would not have to worry about losing their retirement funds. For those who do have non-exempt property, Chapter 13 can help reorganize debt, allowing a person to keep those assets and still retire comfortably. A St. Louis bankruptcy attorney can go over your specific situation to find the bankruptcy that is right for you.
If debt is becoming unmanageable but you worry that you will lose your retirement money, don’t worry. The bankruptcy lawyers at The Westbrook Law Group will help you keep those retirement accounts while getting the fresh start that comes with bankruptcy. Call us today for a free consultation.