Filing For Bankruptcy – How Retirement Accounts Are Affected

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Filing For Bankruptcy – How Retirement Accounts Are Affected

It appears these days the average age of retirement has risen. Where once people decided to hang up their briefcases in their mid-fifties, people now are working up to the age of seventy, and often even longer than that. This may happen out of necessity or because people simply want to work and enjoy the interaction and activity – whatever the reason, the work still allows one to save money in a 401k in the event one does decide to retire. What if, however, a person experiences financial difficulties that result in filing for bankruptcy? Will all that hard-earned money disappear to satisfy debts, leaving nothing for the future?

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