If you have serious financial problems, contact a bankruptcy attorney now. Waiting to contact a bankruptcy attorney could cost you a lot of money! Here’s why:
A couple I’ll call Bob and Ann came to me asking for help with the unaffordable credit card and medical debts that they’d accumulated. A chapter 7 bankruptcy would get rid of (discharge) these debts. But before they came to see me, Bob and Ann had taken about $50,000 out of their retirement accounts and used it to pay some of their debts that they couldn’t otherwise afford to pay. This was very unfortunate, and not only because Bob and Ann depleted much of their retirement accounts.
In bankruptcy, retirement accounts are exempt, which means that your creditors cannot get to your retirement accounts for the money you owe them. If Bob and Ann had come to me before they used their retirement money to pay their debts, they would still have the $50,000 they used to pay their dischargeable debts and would have also gotten rid of those debts. By waiting too long to see a bankruptcy attorney, Bob and Ann wasted $50,000 that they could have used for their retirement.
If you have serious debt problems, contact a bankruptcy attorney today. Don’t wait until you’ve lost a lot of money that you could have saved by contacting an attorney sooner.