When you file for bankruptcy, the system recognizes a need to protect retirement savings among other assets. Rather than spending all of those assets to pay back debts, there are allowances for you to be able to keep some of that money. You can do it with the help of an individual bankruptcy attorney.
What is an Individual Bankruptcy Attorney?
As you file for bankruptcy, you will have to decide to file as just yourself or part of a group. If you are married or have a business that needs to file for bankruptcy, then you cannot file as an individual. You are looking for an attorney who specializes in protecting the assets of a single person filing for bankruptcy.
Protections for Retirement Savings During Bankruptcy
In Minnesota, assets like retirement savings have specific protections from creditors during bankruptcy. The key to this is that your retirement savings should be in ERISA-qualified plans. ERISA is a protection for assets commonly used for retirement, including savings accounts, 401(k)s, and similar accounts. Bankruptcy stops creditors from trying to seize retirement assets, and they may be excluded from the bankruptcy process entirely.
When to Hire a Bankruptcy Attorney
Before you decide to file for bankruptcy, hire a bankruptcy attorney. There are a lot of factors that go into filing for bankruptcy, or even deciding if it is a good idea in your case. Working with an attorney early not only helps you decide which type of bankruptcy is best for you, but also gives you access to the support and resources you need to start bankruptcy off the right way.
Before Bankruptcy Proceedings Start
Perhaps the best time to hire a bankruptcy attorney is before the bankruptcy process starts. Bankruptcy attorneys not only help you through bankruptcy, but also help you plan for it. You can hire an attorney to help you prepare whenever you want, giving you the resources to enter bankruptcy with a good plan and firm control over your assets.
When You Know You Need to File for Bankruptcy
If you know that you need to file for bankruptcy soon, then it is time to hire an individual bankruptcy attorney. Waiting until you need to file for bankruptcy isn’t ideal since it limits your attorney’s ability to prepare, but having an attorney walk you through the process is better than trying to do it alone. Just be prepared to work quickly to prepare and file so that you can protect your assets from repossession or other actions by creditors.
When You Are Not Sure If You Qualify for Bankruptcy
While most people know about bankruptcy as an option, most people don’t know for sure if they qualify for bankruptcy. There are certain requirements that you must meet before your filing is accepted by the court. Working with an experienced attorney is the best way to see which version of bankruptcy you qualify for and to prepare accordingly.
Work With the Experienced Bankruptcy Attorneys Kain + Henehan
Managing a bankruptcy case is a complex process, and having an experienced legal team on your side can make a big difference in the outcome. Work with Kain + Henehan, experienced bankruptcy attorneys in St. Cloud, Minnesota, to make sure the process goes smoothly and to help protect retirement savings during bankruptcy. Contact Kain + Henehan by calling (612) 438-8006 or filling out the online form.
