• Home
  • Our Mission
  • Meet The Team
  • Testimonials
  • Blog
  • Contact
  • Call Us Today: (615) 264-5695

Bankruptcy Law Attorney Hendersonville TN - Erickfox

Eric Fox is experienced in Bankruptcy Law, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Debt Negotiation and Estate Planning Law cases in Hendersonville TN.

  • Bankruptcy
  • Debt Negotiation
  • Family Estate Planning

July 9, 2014

Are Your Retirement Funds Protected In Bankruptcy?

On behalf of Law Office of Eric K. Fox posted in Debt Management on Wednesday, July 9, 2014.

Every year more baby boomers are reaching retirement age. However, these same baby boomers are struggling with debt. The recent recession hit many Tennessee residents hard and some are still struggling to keep up. Furthermore, older residents often have other expenses including medical debt that keeps them from being able to pay all their bills.

In some situations, these older people may need debt relief in order to get back on track following a medical crisis, job loss or other financial setback. However, people may wonder how debt relief — such as a bankruptcy — would affect their retirement income.

Under current bankruptcy law, retirement accounts are exempt from creditors in a bankruptcy. This means that assets that are in a 401(k), pension plan or IRA are not going to be used as a means to pay creditors. Therefore, once the bankruptcy proceedings are completed, people will still be able to rely on their retirement funds as income while being debt free.

However, the Supreme Court of the United States recently limited protections on inherited IRAs. When a person is left the remainder of the income in another’s IRA account, which is not treated as a true retirement account. Therefore, creditors can have access to this money in cases of bankruptcy. However, state law may still protect this money, depending on where the debtor lives.

Asset protection can be extremely important to older Tennessee residents who are struggling with their debt loads. These people should understand that there are options available to help them obtain debt relief while still keeping their personal property. With the right help and financial planning, a favorable solution can be created.

Source: The Republic, “Retirement-plan benefits include creditor protections,” Russ Wiles, July 7, 2014

Article by Eric Fox / Bankruptcy, Chapter 13, Chapter 7, Collections, Debt / attorney, bankruptcy, bankruptcy attorney, bankruptcy proceeding, Chapter 13 bankruptcy, Chapter 7 bankruptcy, consumer debt, credit card debt, debt, debt management, debt relief, debtor, financial planning, foreclosure, fox law, gallatin, hendersonville, law, law firm, law office of eric k fox, lawyer, personal injury, property, struggling with debt, sumner county, tennessee Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Bankruptcy
  • Chapter 13
  • Chapter 7
  • Collections
  • Debt
  • Foreclosure
  • Personal Injury
  • Retirement
  • Uncategorized

Archives

  • January 2022
  • August 2020
  • July 2020
  • March 2018
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • July 2010
  • June 2010

Fox Law

Whitehall Building
103 Hazel Path Court, Suite 6
Hendersonville TN 37075

Monday - Thursday: 8AM - 5PM
Friday: 8AM - 3:30PM
Weekend and Evening Hours by request
Local Phone: (615) 264-5695
Fax: (615) 264-5655
Email: eric@ericfoxlegal.com

Practice Areas

  • Bankruptcy
  • Debt Negotiation
  • Family Estate Planning

About Us

  • Our Mission
  • Meet The Team
  • Testimonials
  • Contact

Connect

FB icon
Linkedin icon
Google plus icon

Bankruptcy Attorney - Erickfox
Bankruptcy Attorney Hendersonville TN - Erickfoxn
Debt Relief - Erickfox
Estate Planning Hendersonville TN - Erickfox

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

This website is not intended to constitute legal advice creating an attorney-client relationship.


© Copyright 2015 The Law Office of Eric K. Fox · Website Design by StorySellers