Can you keep your retirement or will your creditors get the money? Find out more.
If you have a retirement account and it has a substantial amount of money in it, one of the things you think about if you're considering bankruptcy is, can I keep that money or are my creditors gonna get that money?
Well, Georgia is a pretty good state for retirement accounts. There is an exemption in Georgia that protects your 401K, your IRAs, your ERISA qualified retirement accounts so that they can't take your retirement money. Now, it is subject to one caveat - the retirement amount has to be an amount sufficient to maintain your lifestyle over the balance of your life. So we're good up to about $1 million on that. In fact, I've had retirement accounts over $1 million that I've been able to protect. All we have to do is show the court that that money is necessary for your future care.
If you need further information, call us at 229-247-1211 or fill out the form on this page to request a free confidential consultation.