Will My Pension, IRA Or Other Retirement Accounts Be Affected By My Bankruptcy? - PowerPoint PPT Presentation

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Will My Pension, IRA Or Other Retirement Accounts Be Affected By My Bankruptcy?

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

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Title: Will My Pension, IRA Or Other Retirement Accounts Be Affected By My Bankruptcy?


1
Can My Pension, IRA Or Another Pension Accounts
  • Be Influenced By My Bankruptcy?

2
Be Influenced By My Bankruptcy?
The annoying creditor letters and phone calls, an
endless flow of bad debts, the threat of
judgments and the economic strain is already
taking a toll on the peace of mind. What
increases the stress and anxiety is the lack any
distinct sign if someone can be able to live a
normal life again or enjoy a fairly secure
future. In addition to that comes another
earth-shattering thought if the bankruptcy if
going to have an impact on your 401(k),
Individual Retirement Account, pension, or
perhaps retirement? What you should do is call an
experienced attorney David Shapiro, to learn what
you can do in your state.
3
Be Influenced By My Bankruptcy?
The bankruptcy rules The bankruptcy laws were
overhauled by the Congress in the year 2005 and
the adjustments made retirement account and
pension plan funds exempt from debt collectors.
Which means that if one files Chapter 7
bankruptcy, they can keep their retirement and
monthly pension plans unchanged. In Chapter 13
bankruptcy, because the retirement accounts are
exempt, it can not have an effect on on how much
you need to repay unsecured loan companies. So,
if a person files for Chapter 7 bankruptcy or
Chapter 13 bankruptcy, their retirement plan
could be exempt and the Exempt Properties are
properties which can't be liquidated in the
Bankruptcy, as said by trusted Queens bankruptcy
attorney David Shapiro.
4
Be Influenced By My Bankruptcy?
Chapter 7 and Chapter 13 bankruptcy It is not
necessary to spend sleepless nights or make
frantic calls. You may chill out for if you file
a request for Chapter 7 or Chapter 13 bankruptcy,
you will be permitted to keep the pension and
retirement plan money. Your carefully crafted
plans and decisions might not appear so good
currently, but the world isn't about to come to
an end. Certainly, this is fantastic news for all
those planning to file bankruptcy petitions.
5
Be Influenced By My Bankruptcy?
Limitations to the Exemption Ruling There are
restrictions to the exemption ruling about
standard and Roth IRAs, as attorney David Shapiro
points out. The exemption status is confined to
1,171,650 for every individual, and if there are
higher amounting the combined retirement and
monthly pension account, the excess will be
utilized to pay for the lenders. Along with that,
it is important to know that the salary received
from the retirement or even monthly pension
accounts aren't exempt. Under Chapter 7, these
fund benefits will be utilized to repay loan
companies, whereas in Chapter 13, the advantages
provided as retirement income would be
encompassed in the payment plan, and given to any
loose bad debts in the creditor pool.
6
Be Influenced By My Bankruptcy?
A person should have a comprehensive information
about their position when filing a bankruptcy
petition and the way their pension, IRA or
another retirement bank account can get
afflicted. Only an experienced bankruptcy
attorney can have the proper information on your
long-term monetary security and about your
retirement and pension accounts. Take the proper
decisions keeping your future economic position
and security in mind. Should you decide to file
Bankruptcy, it is important to get in touch with
a respected Queens Legal Help who can help you in
the proper A.
7
Be Influenced By My Bankruptcy?
Zelenitz, Shapiro D'Agostino, P.C. 138-44
Queens Boulevard Queens, New York 11435 (718)
599-1111 https//www.youtube.com/watch?v-OyMQWkP
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