Your Retirement Account: Why You Should Save It For Retirement

Your Retirement Account: Why You Should Save It For Retirement
by: Michelle L. Marrs



A frustrating situation that bankruptcy attorneys are often faced with is
meeting clients who have drained their retirements in an effort to avoid
bankruptcy, only to end up filing anyway. In a bankruptcy situation,
funds in a qualified retirement account are exempt to over $1 million
dollars - a limit not generally approached by most debtors.

People sometimes use loans and disbursements as a band-aid for their
financial troubles. If this approach is not going to “cure” the problem,
then you should avoid these false “solutions”. The best decision you
could make in considering resolution of your financial difficulties is to
seek the advice of an experienced bankruptcy attorney.

There is extensive planning that can be done to seek to maximize the
amount of assets you keep while minimizing the repayment to creditors.
Your number one goal should be to seek a fresh start with as many assets
as possible.

Speaking to a bankruptcy attorney doesn’t mean that you will need to or
should file a bankruptcy. A good bankruptcy attorney is experienced in
many different areas of financial distress and can offer a comprehensive
and creative approach to solving the problem. They deal with these issues
on a daily basis and will have a broader range of experience and insight
than the average person.

There may also be additional relief available to you in stripping
mortgages, adjusting interest rates, IRS issues and so on that can be
explained by a bankruptcy attorney. People often are misled by false
information on the Internet or from well intentioned friends with only
partially true information.

In short, meet with someone experienced in financial issues before
raiding your retirement, you may be surprised at the options available to
you.

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About The Author
Ms. Marrs is a 1992 graduate of the University of Wisconsin-Stevens Point
with a degree in Business Administration and a minor in Economics. She
received her law degree from Thomas M Cooley in 1998. Ms. Marrs practices
in the areas of bankruptcy including adversary proceedings.


Visit the author's web site at: http://www.marrsterry.net