Torrance Bankruptcy & Retirement Lawyer
You have worked tirelessly to build a secure future, but overwhelming debt can cast a shadow over your retirement dreams. When living on a fixed income, debt becomes an even heavier burden. At Wadhwani & Shanfeld, we understand the unique challenges seniors face in pursuing a debt-free retirement. Our dedicated team in Torrance specializes in guiding individuals through the bankruptcy process, carefully evaluating your specific circumstances to determine the optimal path forward.
Let us help you explore your options and create a customized strategy to eliminate debt, so you can enjoy your golden years with peace of mind. Contact our Torrance bankruptcy & retirement lawyers today.
Protecting Your Retirement Savings
When it comes to securing your financial future, safeguarding your hard-earned retirement savings is a top priority. At Wadhwani & Shanfeld, we understand the importance of preserving these assets, which is why our Torrance bankruptcy and retirement lawyers are committed to providing you with tailored guidance.
Chapter 7 bankruptcy is often a preferred option for those approaching retirement, as it offers a relatively swift process, typically taking 3-4 months to complete. Through this route, you may be able to eliminate qualifying debts, such as:
- Credit card balances
- Personal loans
- Payday loans
- Medical expenses
Providing much-needed relief.
One of the key advantages of Chapter 7 is the protection it offers certain retirement accounts. Many of these accounts are in some way exempt from being included in the bankruptcy estate, which is the pool of assets that may be used to pay creditors. Accounts that are fully exempt include:
- 401(k) plans
- 403 profit-sharing plans
- Deferred compensation plans (like 457(b))
- SEP and SIMPLE IRAs
Additionally, individual IRAs and Roth IRAs are exempt up to $1.5 million.
Furthermore, unpaid Social Security benefits are shielded from bankruptcy, ensuring that your monthly payments continue uninterrupted, providing a vital source of income during your retirement years.
However, it is crucial to consider the timing of your bankruptcy filing carefully. If you have already started receiving distributions from your retirement accounts, those funds may no longer be exempt and could be treated as cash assets, potentially subject to use by the trustee to pay creditors. Ideally, filing for bankruptcy before retirement and delaying withdrawals from your IRA or 401(k) is recommended, maximizing the funds available for your golden years.
Our experienced bankruptcy and retirement attorneys in Torrance will guide you through the complex nature of this system, ensuring that your rights are protected and your retirement savings are safeguarded to the fullest extent possible.
Contact Wadhwani & Shanfeld Today
At Wadhwani & Shanfeld, our seasoned attorneys in Torrance deeply understand the unique challenges faced by individuals approaching or already in retirement. With decades of experience dealing with bankruptcy law, we have guided numerous clients through the process, allowing them to eliminate burdensome debts and embrace their golden years with financial freedom.
Whether you are planning for retirement or have already embarked on this exciting chapter, our dedicated Torrance bankruptcy and retirement lawyers are here to offer personalized guidance and unwavering support. Contact us today to schedule a consultation.
