A Memphis Bankruptcy Lawyer Focused on Your Future
One of the most common bankruptcy myths is that you will have to liquidate all your assets before you can get debt relief. That is simply wrong. It is very important to recognize that most tax-deferred retirement accounts are bankruptcy exemptions that can be protected.
Before you tap your retirement savings to pay off credit cards or other debts, please contact attorney Jonathan Garrett. We will help you explore other legal options in a free, informative consultation.
Debt Problems Do Not Mean You Have to Give Up Your Retirement Accounts
We see it all too often. Attempting to do what they see as the right and morally responsible thing, people resist bankruptcy for as long as they possibly can. Under the pressure of creditor harassment, looming foreclosure or other debt problems, they pull out all the money they have set aside for retirement.
This is not your only way out of debt. The tax penalties for early withdrawal extremely severe, as you probably know, attorney Jonathan Garrett takes the position that your most important obligation is to protect your own financial future.
Pensions — IRAs — 401(k) — Other IRS Qualified Accounts
As long as your retirement accounts are qualified accounts under Internal Revenue Service tax codes, they are exempt from being taken as part of a bankruptcy proceeding. Although bankruptcy brings many other consequences and obligations we can explain to you, giving up on your future is not the answer.
Caring, Informative Legal Counsel and Affordable Fees for Bankruptcy
At the Jonathan Garrett Law Firm, we will provide a free consultation to anyone seriously considering bankruptcy in western Tennessee. Whether you have tapped your retirement accounts and are still in financial trouble, or you need to know your legal options, we can help.
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
