Bankruptcy Guidance for Those Approaching Retirement
In an ideal world, retirement is supposed to represent your golden years. However, investment losses and the prospect of reduced incomes in retirement present problems for some people in their 50s and 60s. It may seem tempting to pay off high credit card balances or medical debt with funds from your retirement account as you prepare for retirement. But that can be a costly mistake. If you are approaching retirement and have unmanageable debts, Minnillo Law Group Co., LPA has solutions for you.
If you are planning for retirement, but have substantial debt, we can analyze your individual financial structure and provide you with solid debt relief advice, tailored to your goals. Call +1-513-723-1600 to schedule your free initial consultation.
Important Facts You Should Know
If you are approaching retirement or you are already retired, you need to know these important facts about bankruptcy:
- Creditors cannot touch your retirement savings — When you file bankruptcy, your 401(k), IRA and pension accounts are normally exempt. That money is yours.
- Government benefits are exempt — Social Security income, veterans’ benefits, disability benefits and other government assistance benefits are exempt.
- Educational savings accounts are exempt — If you have put money in a 529 or Coverdell educational savings account for a grandchild, those funds are exempt, with some exceptions.
The many exemptions available under Ohio and Kentucky law can protect virtually all property for most residents. Our attorneys will make full use of all available exemptions to protect as much of your property as possible.
If You Own Your Home Mortgage-Free
One potential problem exists for homeowners who have no outstanding mortgage debt. If you file bankruptcy, the equity in your house is an asset that could be taken by the bankruptcy trustee to pay off creditors. However, our lawyers are skilled at developing creative strategies that can protect the assets of people in this situation. We will work diligently to develop the optimal solution for you.
Contact an Asset and Pension Protection Lawyer
To learn more about bankruptcy for those approaching retirement in Ohio, call +1-513-723-1600 or send us an email to arrange a free and confidential consultation. We have offices in Cincinnati, Fairfield, Eastgate, and Covington. After-hours and weekend appointments are available.
We are a law firm and a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.