You’ve spent decades working to ensure that you’d have a nice retirement fund when you’re older, but now your current debts and financial situation have you considering filing for bankruptcy. If you find yourself in this scenario, then you’re likely wondering – what will happen to my retirement during bankruptcy? Will you lose everything you’ve worked so hard for? 

How Bankruptcy Impacts Your Retirement Accounts

If you’re going through bankruptcy in Missouri, then most of your retirement accounts will be considered exempt during the process. Retirement investments that you have in a 401(k), pension, or IRA will not be impacted if you go through the bankruptcy process. 
Despite that, other sources of retirement investments are not exempt from the process. If you’re currently investing in bonds, annuities, or stocks, then these funds could be at risk. Any real property you have, such as a rental home, that you’re using for a retirement fund won’t be considered exempt, either. If you’d like to discuss how to protect these assets and retirement investments, then it’s advised your reach out to a bankruptcy attorney (https://www.kansascityaccidentinjuryattorneys.com/practice_areas/kansas-city-chapter-7-13-consumer-bankruptcy-attorneys.cfm) for more information. 

Getting the Help You Need During Bankruptcy

As it stands, a whopping 64% of Americans won’t have enough money to support them once they retire. If you’ve worked hard to build up your retirement account, then filing for bankruptcy can feel even more intimidating. Thankfully, the state of Missouri considers retirement accounts exempt from bankruptcy proceedings.
Are You Considering Filing For Bankruptcy? If you feel bankruptcy is the best option for your financial situation you need to speak with an experienced bankruptcy lawyer as soon as possible. Please contact us online or call our office directly at 888.348.2616 to schedule your free consultation.

Are You Considering Filing For Bankruptcy?

If you feel bankruptcy is the best option for your financial situation you need to speak with an experienced bankruptcy lawyer as soon as possible. Please contact us online or call our office directly at 888.348.2616 to schedule your free consultation.

James Roswold
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James Roswold is a Kansas & Missouri personal injury, workers comp, and medical malpractice attorney.