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How bankruptcy laws could safeguard your retirement

Many Florida residents worry that they do not have enough saved or invested to allow them to enjoy their retirement years in comfort, and they sometimes have little choice but to use the money that they have diligently put into their retirement accounts to make ends meet when confronted with an illness or other unexpected setback. If you are struggling to cope with an unmanageable financial situation, you may wish to learn about the ways in which the bankruptcy laws could help to protect your assets and safeguard your retirement.

You may feel that it would be prudent to withdraw funds from your 401(k) account to keep up with high interest credit card or installment loan obligations, but taking this path could rob you of income during your retirement years while doing little to address your current situation. Those who attempt to juggle their debts are often left with nothing, but filing for Chapter 13 bankruptcy may you to pay your debts down gradually while safeguarding your assets and your future.

You may worry that filing for bankruptcy will seriously damage your hard-earned credit rating, but the damage is already likely to have been done if you are finding it difficult to make your monthly payments on time or have sometimes missed payments altogether. In many cases, bankruptcy actually improves credit scores in the long term by eliminating troublesome debt and providing a fresh financial start.

Our attorneys have extensive experience in handling consumer bankruptcy cases in Florida, and we strive to recommend debt relief strategies that are tailored to the specific individual needs of our clients. If you would like to find out more about how the bankruptcy laws could help to protect your assets and retirement income, please visit our page that is devoted to this topic.

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