Can I Keep My Retirement Savings?

Many people end up exhausting their retirement savings in order to pay off debts such as hospital or credit card bills. A better solution may be to discharge the debt by filing bankruptcy. When you file bankruptcy, you can keep your retirement savings and many of your other assets.

I am Cherry Hill, New Jersey bankruptcy attorney Joel R. Spivack. I dedicate my entire practice to helping people seek debt relief through Chapter 7 and Chapter 13 filings. With more than 30 years of experience practicing exclusively in the area of bankruptcy law, I am in a strong position to help you eliminate debt while protecting your retirement savings.

What Retirement Savings Are Protected When I File Bankruptcy?

When you file for bankruptcy, qualified retirement savings are protected, including:

  • Pension plans
  • 401(k) plans
  • IRA accounts up to $1 million

Not all retirement accounts are qualified. For example, some employers provide executives with nonqualified retirement benefits, in addition to the ERISA-qualified plans that are provided to other employees. Nonqualified plans are not protected. Additionally, if you put money or stocks in an account that is not a 401(k) or IRA, that money is not protected even if it is intended for your retirement.

Schedule a Free Initial Consultation with a Cherry Hill Bankruptcy Attorney

To discuss protection of retirement savings in bankruptcy, call me, Cherry Hill lawyer Joel Spivack. You can reach me by phone at 856-488-1200, toll free at via e-mail. My regular business hours are 8 a.m. to 5 p.m., Monday through Friday, and free parking is available.

To read more about bankruptcy frequently asked questions, click here.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

We are here to help you.

Is this a New Jersey matter or Philadelphia Region matter?
We are licensed to practice in New Jersey and Pennsylvania.

Attorney Joel R. Spivack is an experienced bankruptcy and residential real estate transactions lawyer in Cherry Hill, New Jersey. Clients come to us for legal services, but what we really provide is peace of mind. For more than 30 years, Attorney Spivack has helped people make wise, informed decisions about bankruptcy filings, debt relief options and residential real estate transactions.
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