Bankruptcy And Retirement

If you have spent your life working hard and saving for retirement, you deserve the security of knowing that you will be able to retire at a reasonable time with financial solvency.

In more than 30 years of combined experience, the attorneys of Nowack & Olson have seen far too many people compromise their retirement in order to pay off old debts. Many of these individuals could have securely retired on their desired schedule if they had spoken to a bankruptcy lawyer about their options.

Bankruptcy is not a failure. It's a tool to help you retire with the resources you need.

For example, let's say you have a 401(k) that you have paid into for decades. However, you also have a mortgage that is underwater. Many people are tempted to raid their retirement funds to stay on top of a mortgage or another debt. However, there is a very real possibility that your funds will run out and you will still end up losing the house.

If you juggle debts, you may end up with nothing. Filing bankruptcy could allow you to discharge or gradually pay off your debts while protecting the assets you have worked so hard for, like your retirement savings.

Won't Bankruptcy Ruin My Credit?

Actually, bankruptcy helps your credit in the long term. If you are making minimum payments on your debt or missing payments altogether, your credit score has already sunk. Bankruptcy can help you eliminate the debt that is killing your credit score so you can start rebuilding. Many of our clients see their credit scores rise 100 points within the first year or two of filing – something that is impossible without the fresh start that bankruptcy provides.

Contact Nowack & Olson

Offices In Fort Lauderdale, Miami And Palm Beach, Florida

We offer a free initial consultation so there is no financial risk in learning more about how bankruptcy can help you meet your retirement goals. Please call 888-813-4737 or fill out our contact form to be contacted by one of our respected bankruptcy lawyers.