Denver Bankruptcy Attorneys - Law Office of Andrew McKenna

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    303-730-8819
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    Contact us today at 303-730-8819, or use our CONTACT PAGE to request your free Telephone Consultation with Andrew F. McKenna, The Bankruptcy Attorney.

  • 401K Plans

    You retirement accounts, including any 401k plan through your employer, are protected from seizure during a Chapter 13 or Chapter 7 bankruptcy in Colorado. This means those funds will remain in your account and available to you after the process is complete – even as most other debts are forgiven or otherwise discharged.

    The Denver bankruptcy lawyers at The Law Office of Andrew McKenna understand retirement planning is a critical issue; for most people, retirement funds amount to their largest asset. And the financial uncertainty surround Social Security means today’s workforce must count on their investments to ensure adequate resources are available in retirement and into old age.

    When it comes to your retirement accounts, you can rest assured that they are protected. You will not face the liquidation of any retirement accounts as a result of seeking bankruptcy protection.

    Denver Bankruptcy and Your Retirement

    While 401k plans have long been protected from seizure as a result of bankruptcy, the Bankruptcy Abuse Prevention and Customer Protection Act of 2005 extended the protection to IRAs and other tax-advantaged retirement accounts. Essentially, the government recognized that many employees deal with orphaned 401K plans (as a result of job changes throughout their career) by rolling the money into an IRA.

    Consequently, bankruptcy protection of retirement accounts has been extended to:

    • All pension funds exempt under Articles 401, 403, 408, 408A, 414, 457 and 501.
    • Roth IRA contributions up to $1 million.
    • From the creation of the IRA in the 1970s through 2002, the annual contribution limit was $2,000. So, as a practical standpoint, the $1 million ceiling should not come into play.
    • Funds held in Education Savings Accounts are protected with some limitations.

    Using a Colorado Bankruptcy to Secure Retirement

    So, while some go into the bankruptcy process concerned about its impact on their retirement, most find the process has only made them more financially secure. Benefits to a filing bankruptcy as it relates to retirement can include:

    • Erasing credit card debt.
    • Eliminating debt related to a second or third mortgage.
    • Erasing negative vehicle equity or lease liability.
    • Eliminating medical debt.
    • Dealing proactively with judgments or liens.
    • Protecting yourself from punitive action associated with divorce, alimony, child support or tax debt.

    Contact a Colorado Bankruptcy Attorney Today

    If you need bankruptcy assistance in Denver or would like more information, call The Law Office of Andrew McKenna today at 303-730-8819 for a free consultation or contact us online. We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code. Serving clients in Denver and throughout Colorado, including Aurora, Englewood, Lakewood and Boulder.

    Denver Bankruptcy Help – 303-730-8819– Free Consultation

  • ANDREW McKENNA’s CREDENTIALS

    20 Years of Experience
    NACBA Member
    Only represents consumers
    BBB Accredited, A+ Rating

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    Address:

    North Metro Denver Office – 11154 Huron
    St. Northglenn, CO 80234

    South Metro Denver Office – 3801
    E. Florida, Suite 400, Denver, CO 80222

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