Seabrook Law Offices Seabrook Law Offices
This is a amazing group of lawyers. We where desperate and didn't know our rights and now we we have...
Seabrook Law Offices Seabrook Law Offices
Elizabeth has been friendly, fast an efficient with handling my case.
Seabrook Law Offices Seabrook Law Offices
Google
Extremely satisfied with my experience with Seabrook Law. Paul Seabrook and his team were amazing, p...
Seabrook Law Offices Seabrook Law Offices
They work fast on your cases. They work accordingly.
Seabrook Law Offices Seabrook Law Offices
Google
Outstanding, hardworking, and committed team! Highly recommended.
Seabrook Law Offices Seabrook Law Offices
Google
Seabrook Law Offices Seabrook Law Offices
Google
Seabrook Law Offices Seabrook Law Offices
Google
Good guy to go to
Seabrook Law Offices Seabrook Law Offices
Facebook
Paul is an expert attorney and a great person. He is the real deal!
Seabrook Law Offices Seabrook Law Offices
Google
Paul Seabrook and his staff went above and beyond for my case. His professionalism and dedication l...
Seabrook Law Offices Seabrook Law Offices
Facebook
Paul quickly and efficiently managed a debt management program gone wrong!!!I highly recommend his s...
Seabrook Law Offices Seabrook Law Offices
Google
Paul Seabrook is an excellent attorney who has helped our family immensely & has become our friend f...
Seabrook Law Offices Seabrook Law Offices
Google
Paul is very knowledgeable, and is straightforward in identifying options and recommending the best ...
Seabrook Law Offices Seabrook Law Offices
Google
Paul came into my life at just the right time. My previous bankruptcy lawyer was not getting things ...
Seabrook Law Offices Seabrook Law Offices
Facebook
I have never been a client of Paul's in California. However, with my interactions with him in Washin...
Seabrook Law Offices Seabrook Law Offices
;

Your Retirement Accounts and Bankruptcy

This would be the first principle in dealing with your finances when bankruptcy is on the horizon. I’ve mentioned this before, but when the possibility of a Chapter 7 or Chapter 13 bankruptcy has entered your mind, it is almost entirely likely that you are going to need one. The only question is when and how. And tucked within these questions include the issues of how quickly you are going to get out of debt and how many assets you will have once this process is over.

The savings you have in your retirement accounts need to be saved for your retirement. The entire plan has been to put money away that will grow over time to fund your retirement. When the debt load you are carrying becomes so huge, that you are considering bankruptcy, it is best to talk to your bankruptcy lawyer. Your retirement plan is dependent upon you not touching that money and it really matters living in the San Jose or surrounding areas.

And there is a real advantage in bankruptcy. Your retirement accounts are generally fully protected. That means you could have $200,000 in an IRA and owe $150,000 in credit card debt and not have to touch your retirement account while potentially discharging all of your credit card account.

In the above situation, some people would rather settle the debts they have rather than file a bankruptcy. Debt settlement usually requires about 50% to achieve the settlement. So taking $75,000 out of your retirement account to avoid a bankruptcy could very well ruin your retirement plan. Speak to any financial adviser who can run the numbers to tell you how much less you’ll have if you made such a move.

Bankruptcy, either a Chapter 7 or a Chapter 13 can save you tens of thousands of dollars in debt relief. It can also save you tens of thousands more if you are smart enough not to waste your resources by choosing to empty your retirement account and settle your debt. Tens of thousands saved.

Call Seabrook Law Offices at 408-703-1563 for a consultation today.