Debt is stressful. It becomes overwhelming when it depletes our savings and retirement funds. My clients try so hard to meet their financial responsibilities, that they often deplete not only their savings but also their retirement accounts. All of this before realizing that bankruptcy is the way out.
There’s a better way. Clients who deplete their retirement accounts and IRA accounts to stay afloat for a few more months are often surprised to find out that those funds are protected from creditors in bankruptcy. Yes, that’s right. The funds you keep in a 401(k), 403(b), IRA, or other types of retirement accounts are fully exempt under North Carolina law. The same is true for many life insurance policies, annuities, and pensions. This means that your creditors cannot touch these exempt funds whether you file a bankruptcy case or not.
If you are at the point where you are considering reaching into retirement funds to keep making payments on credit cards and other debt, you should speak to a lawyer today. Filing bankruptcy now relieves the financial pressure and you don’t trade your hard-earned retirement accounts in on creditors who have already made a profit off of you.
Reach Out Today!
A conversation with a Charlotte bankruptcy lawyer can provide a lot of clarity. The lawyer’s job is to know the law but also to be the calm during a storm. Your bankruptcy attorney can help you realistically assess your options and if the timing is right, you may even save your retirement in the process.
Email me here or call me at 704.749.7747 to discuss your situation. I’m here to listen and to help you understand the options. Or, if you’d like, complete this 5 minute online evaluation and I will reach out to you with some options.
Christopher D. Layton, Esq.
Christopher D. Layton, Esq. is the founder and lead attorney of The Layton Law Firm. He has been practicing law in Charlotte since 2000 and currently focuses on the plaintiff’s needs and personal injury clients. Chris chose to become a lawyer to protect people who would be taken advantage of without strong legal advocacy, and this dedication to the needs of his clients shows in the firm’s strong record of successful results. He founded The Layton Law Firm in 2011.