Would my monthly pension individual retirement account or other retirement accounts
1 / 7

If I File Bankruptcy, Will It Affect My Pension, IRA Or Othe - PowerPoint PPT Presentation

  • Uploaded on

The attorneys with Zelenitz, Shapiro & D'Agostino explain what happens to any retirement account you may have when you file bankruptcy.

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
Download Presentation

PowerPoint Slideshow about 'If I File Bankruptcy, Will It Affect My Pension, IRA Or Othe' - vardkruptcyny

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Would my monthly pension individual retirement account or other retirement accounts

Would My Monthly pension, Individual Retirement Account Or Other Retirement Accounts

Be Influenced By My Bankruptcy?

Be influenced by my bankruptcy
Be Influenced By Other My Bankruptcy?

The frustrating creditor letters and telephone calls, a never-ending supply of debts, the risk of judgments and the monetary strain is presently taking a toll on the peace of mind. What increases the stress and anxiety is the lack any distinct indication if a person can manage to live a usual life once again or enjoy a relatively safe future. Moreover comes yet another earth-shattering notion if the bankruptcy if going to have an effect on your 401(k), Individual Retirement Account, pension, or retirement? What you need to do is get in touch with a professional lawyer David Shapiro, to know what you can do in your city.

Be influenced by my bankruptcy1
Be Influenced By Other My Bankruptcy?

The bankruptcy rules

The bankruptcy guidelines were removed by the Congress in the year 2005 and the amendments made retirement account and pension plan funds exempt from creditors. Which means that in case one files Chapter 7 bankruptcy, they can retain their retirement and monthly pension plans unchanged. In Chapter 13 bankruptcy, as the retirement accounts are exempt, it will not really have an impact on as to exactly how much you need to repay unsecured loan companies. Thus, if a person files for Chapter 7 bankruptcy or even Chapter 13 bankruptcy, their retirement plan might be exempt and the Exempt Properties are the ones properties which cannot be liquidated in the Bankruptcy, as said by trusted Queens bankruptcy lawyer David Shapiro.

Be influenced by my bankruptcy2
Be Influenced By Other My Bankruptcy?

Chapter 7 and Chapter 13 bankruptcy

It is not necessary to spend sleepless nights or make frenzied phone calls. You may relax for if you file a case for Chapter 7 or Chapter 13 bankruptcy, you can be allowed to keep the monthly pension and retirement plan money. Your thoroughly crafted plans and decisions may not appear so good right now, however the world is not about to end. Definitely, this is excellent news for people planning to file bankruptcy petitions.

Be influenced by my bankruptcy3
Be Influenced By Other My Bankruptcy?

Restrictions to the Exemption Ruling

There are restrictions to the exemption ruling about standard and Roth IRAs, as lawyer David Shapiro details. The exemption status is limited to $1,171,650 for every person, and in case there are greater amounting the combined retirement and pension account, the excess would be utilized to pay for the lenders. Along with that, it is important to realize that the salary acquired from the retirement or perhaps monthly pension accounts will not be exempt. Under Chapter 7, these fund rewards will be utilized to pay off creditors, though in Chapter 13, the benefits provided as retirement income would be covered in the repayment plan, and given to any loose financial obligations in the lender pool.

Be influenced by my bankruptcy4
Be Influenced By Other My Bankruptcy?

People must have a thorough understanding of their positon when filing a bankruptcy petition and just how their pension, Individual Retirement Account or some other retirement accounts will get affected. Only an educated bankruptcy lawyer would have the appropriate information about your long-term financial security and about your retirement and pension accounts. Take the proper decisions keeping your future economic position and safety in mind. If you happen to plan to declare bankruptcy, it is important to contact a respected Queens Bankruptcy Help who can help you in the proper A.

Be influenced by my bankruptcy5
Be Influenced By Other My Bankruptcy?

Zelenitz, Shapiro & D'Agostino, P.C.

138-44 Queens Boulevard

Queens, New York 11435

(718) 599-1111