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Russ W. Ercolani, Esq.
Ercolani Law Group
4195 E. Thousand Oaks Blvd.
Suite 175
Westlake Village, CA 91362
Tel: 805-
Fax: 805-
The Law Offices of Russ Ercolani is located in Westlake Village, California, and serves clients throughout Ventura County and Los Angeles County, including the people in the communities of Westlake Village, Agoura Hills, Calabasas, Woodland Hills, Thousand Oaks, Moorpark, Oak Park, Simi Valley, Camarillo, Oxnard, and Ventura.
Russ Ercolani is an Attorney at Law, a member of the State Bar of CA, and helps people with legal issues
related to personal injury, bankruptcy, estate planning, business, and insurance matters.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Copyright © 2010 by Russ Ercolani. All Rights Reserved
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Bankruptcy and Retirement
401k, 403b, and IRA Considerations - Consult a Bankruptcy Lawyer
Maybe you lost your job or fallen behind on your mortgage payments, perhaps you were seriously injured in an accident and have become overwhelmed by medical bills. No matter the circumstances, if you are buried in debt you may be tempted to dip into your retirement funds in order to pay your debts. Before you do this, you should consider whether filing bankruptcy is a better option.
Retirement Accounts and Bankruptcy
Before you liquidate an IRA, 401(k) Plan, 403(b) Plan or any other type of retirement savings in order to pay bills, it is appropriate to speak with an attorney as to the consequences of your actions. Congress made a very clear statement that as between paying creditors and preserving your retirement accounts, the retirement accounts should be preserved. This is, no doubt, to make sure that when you reach retirement age or are otherwise no longer able to work, that you do not become a ward of the state because you no longer have retirement savings to support yourself.
Will I Lose my Retirement if I File Bankruptcy?
Most retirement accounts that are employer sponsored, such as 401(k) accounts are protected under the Employee Retirement Income Security Act (ERISA). In fact, other than domestic (divorce) or tax (IRS) actions, those assets are generally fully protected from creditors.
Individual Retirement Accounts (IRAs) are not protected under ERISA, however, they are protected in both the state and federal exemptions with certain restrictions.
These are general rules, and consumers should not transfer assets into or out of what they perceive to be protected accounts without first talking with an experienced bankruptcy attorney.
Contact The Ercolani Law Group Today - Get a Free Consultation.
If you would like to find out more about how your retirement plan may be affected
by bankruptcy, feel free to contact the Ercolani Law Group to discuss your particular
matter with an experienced bankruptcy lawyer. With our experience and knowledge of
these matters, we can accurately evaluate your situation and determine whether you
may qualify for retirement exemption, and if all of your retirement funds will be
protected. Email or call 805-
