Archive for September, 2011

Do You Qualify for Bankruptcy?

Wednesday, September 28th, 2011

Latest Bankruptcy News and Articles

Sept. 26, 2011

Bankruptcy Evaluation

If you’re an individual and feel that there is no way out of your debt troubles — filing bankruptcy may be your best option. Individuals file personal bankruptcy because they need financial relief and seek a second start: A Chapter 7 bankruptcy or a Chapter 13 Bankruptcy can help you overcome problems if:

• You are facing home foreclosure and fear losing your house

• There has been wage garnishment assigned to your pay checks

• You have been laid off or face other job problems

• There has been a medical crisis to you or one of your family members

• There are pending lawsuits

• You have recently been divorced

• You want to stop creditor harassment

When these problems are regular occurrences, you’ll want to learn more about what filing a Bankruptcy can do to help you. There are Bankruptcy Laws designed to help you. There is life after bankruptcy: Seeking professional advice from bankruptcy attorneys and bankruptcy lawyers will help.

If you would like more information on our practice, please consult our website at:
or call (727) 254-1704.

Keep Your Nest Egg

Thursday, September 1st, 2011
by Douglas Jacobs, California Bankruptcy attorney, posted in Bankruptcy Basics
Don’t take money out of your retirement account to ease a temporary economic crunch.

Difficult times come and go; and sometimes they seem insurmountable. When that happens, it might appear wise to tap into the 401k or the IRA and borrow or take some of the funds. Don’t do it!

I see bankruptcy clients every day who have used their 401k or their IRA to cover bills. They come to see me after they have reduced or spent all of their retirement! It’s too bad they didn’t see a bankruptcy attorney or competent financial adviser before that money was gone.

You should also remember that any money you withdraw from a retirement account gets taxed now. And there’s a 10% penalty for early withdrawals from an IRA. Those taxes won’t go away in the bankruptcy. Not only will you lose an exempt asset you could have kept, but you will incur a new debt too.
So, don’t deplete your retirement. Leave it for when you really need it.  See a competent bankruptcy attorney in your state before you make the decision.

If you would like more information on our practice, please consult our website at:
or call (727) 254-1704.