Bloomberg reports that Americans are increasingly invading their retirement accounts to pay bills to avoid foreclosure and pay medical debt. But is that really the best approach?
Bankruptcy is particularly good at relieving medical debt, and other unsecured debts like that. But many people don’t know that that option is available and wait too long.
Also, people don’t know that you can retain virtually all your retirement savings up to over $1 million if you file for bankruptcy. Retirement savings don’t count as assets that they can take in a bankruptcy. They are called exempt assets. And even more than that Ira, enjoy a special exclusion from bankruptcy estate that very few other assets enjoy
To learn more about bankruptcy options and what property you have to give up and what property you get to keep in your state, check out, LegalConsumer.com’s, 50 state bankruptcy, exemption listings and complete discussion of how bankruptcy works and what property you stand to lose and what property you can keep if you decide to file for bankruptcy.
