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What About My Retirement Accounts?

Proactive Debt Relief Solutions

Every day at Minnillo Law Group Co., LPA, we talk with people who have unmanageable debt problems. Many have already made withdrawals from their 401(k) and IRA accounts. Others wonder if they should.

People who are struggling with out-of-control debts need to know an important fact: If you file bankruptcy, most pension, 401(k) accounts and IRAs cannot be taken from you. By law they are exempt, meaning that they are out of the reach of creditors.

Before you draw upon your retirement accounts to cover everyday expenses, speak with a lawyer at our firm. We have strategies that can protect your assets while providing relief from unmanageable debts.

Contact us today for a free initial consultation in one of our five conveniently located offices.

What About My Retirement Accounts?

When you file Chapter 7 or Chapter 13 bankruptcy, most 401(k), IRA and pension accounts cannot be touched by creditors. In addition, many other assets are exempt, meaning they cannot be taken from you. The majority of people who file for bankruptcy can keep all of their property.

Our attorneys have a comprehensive understanding of the bankruptcy system, and of the allowable property exemptions under federal and Ohio law. When you retain our firm, we will develop a plan designed to reduce your debts while enabling you to keep as much property as possible.

Funds in a 529 or Coverdell educational savings account are also exempt, subject to some limitations. An attorney at our firm can review your case and tell you what portion of these funds can be protected from creditors.

Contact A Lawyer

For a free initial consultation about your debt relief options, contact Minnillo Law Group Co., LPA.

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