K is for 4 Reasons to Keep your 401k
K is for keeping your 401k if you have debt problems. In other words, don't take out money from your 401k to pay your creditors.
And there are four big reasons for my advice:
- You can fully protect your 401k or IRA if you file bankruptcy. Neither the Bankruptcy Trustee nor your creditors can get access to your retirement funds. This is a great aspect of bankruptcy law;
- If you borrow from your 401k, then you'll likely wind up with tax problems with the IRS, because you've now got to pay penalty and taxes on that money;
- Unless you plan on working forever and never aging (hmm, please share your secrets with me on the never-aging part), then you'll eventually need those retirement funds in your later years;
- Most people, and I've met a lot of them who've done this, simply don't have enough retirement funds to fully pay off their debts. So, they wind up broke, with no retirement plan, and they still have a lot of debt left over.
I've met with thousands of people with debt problems over the years, and one of the most common complaints they have is that they should have filed bankruptcy sooner. So, it's important to simply schedule an appointment with a bankruptcy attorney just to learn mre about your legal rights.
If you want to learn more, please download my free e-book on Western Pennsylvania Bankruptcy Law.
More on the Bankruptcy Alphabet below:
Reasons to keep your 401k from Pittsburgh Bankruptcy Attorney, Shawn N. Wright at http://www.pittsburgh-bankruptcy-law.com/blog/bid/122188/K-is-for-4-Reasons-to-Keep-your-401k
401k from Marin County Bankruptcy Attorney, Catherine Eranthe at http://marin-bankruptcy-law.com/367/bankruptcy-a-to-z-k-is-for-401k/
Keep from Northern California Bankruptcy Attorney Cathy Moran at http://www.bankruptcysoapbox.com/bankruptcy-alphabet-k-for-keep/
Keep your Retirement Accounts from Taylor, Michigan Bankruptcy Attorney, Christopher McAvoy at http://downriverbankruptcy.com/keeping-retirement-accounts-bankruptcy/#axzz1iw54PK20
Keeping Secure Loans from Hawaii Bankruptcy Attorney, Stuart T. Ing at http://www.bankruptcyhi.com/2012/01/k-is-for-keeping-secured-loans/
Keeping your Business from Dorota Trzeciecka Bankruptcy Blog at http://dorotatrzeciecka.com/2011/11/11/k-is-for-keeping-your-business-in-bankruptcy/
Keys from New York Bankruptcy Attorney, Jay S, Fleischman at http://www.consumerhelpcentral.com/bankruptcy-alphabet-keys/
Kids from Colorado Springs Bankruptcy Attorney, Bob Doig at http://springsbankruptcylaw.com/colorado-springs-bankruptcy-abcs-k-for-kids/
Knowledge from Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell at http://bankruptcyblog.caldwell-lawfirm.com/2011/11/13/bankruptcy-alphabet-k-is-for-knowledge.aspx
Knowledge from Metro Richland Consumer and Bankruptcy Attorney, Mitchell Goldstein at http://www.morethanbankruptcy.com/bankruptcy-a-z-k-is-for-knowledge.html
Know from Cleveland Area Bankruptcy Attorney, Bill Ballena at http://ohiobankruptcysource.com/k-for-know/
Keep from San Francicso Bankruptcy Attorney, Jenna Cho at http://www.jclawgroup.com/blog/bankruptcy-alphabet-k-is-for-keep/
Dangers of Borrowing Against 401K from Los Angeles Bankruptcy Attorney, Mark J. Markus at http://www.bklaw.com/bankruptcy-blog/2012/01/retirement-borrowing-dangers/
Keeping Debt Collectors at Bay from Wisconsin Bankruptcy Attorney, Bret Nason at http://nasonlawfirm.com/archives/780
Knowing What Attorney to Hire from Livonia Michigan Bankruptcy Attorney, Peter Behrmann at http://www.livoniamichiganbankruptcy.com/knowing-what-bankruptcy-attorney-to-hire/
Knight in Shining Armor from Philadelphia Suburban Bankruptcy Attorney, Chris Carr at http://christophercarrlaw.wordpress.com/2012/04/18/k-is-for-knight-in-shining-armor/
Kaput from Lakewood California Bankruptcy Attorney, Christine Wilton at http://www.losangelesbankruptcylawmonitor.com/2012/06/articles/bankruptcy-law-overview/bankruptcy-alphabet/k-is-for-kaput/