Kentucky Bankruptcy Attorney
When facing challenging financial situations, many people turn to their 401k accounts for a quick solution. Taking a 401k loan, while potentially a quick fix, can actually harm your chances of eliminating unsecured debt by disqualifying you for a Chapter 7 bankruptcy filing, should your financial situation deteriorate further. When considering your options, the advice of an experienced Lexington 401k loans attorney can be invaluable in helping you make the choices that will put you in the best position to find relief from your debt.
In an effort to help Lexington area residents address the complications relating to 401k loans, I, attorney Robert F. Ristaneo, leverage more than 40 years of legal knowledge to offer the insightful and detailed advice you need to understand your options, the consequences stemming form each and the steps you can take to avoid complications in the future. With your best interests always in mind, I provide advice that is tailored directly to your unique financial situation, all in an effort to help you find peace of mind and make the strongest financial decisions possible.
Bankruptcy as an Alternative
Rather than strip mine your hard earned 401k plan to end your financial woes, you may be better served to file for Chapter 7 bankruptcy. The Chapter 7 plan offers relief from overwhelming, unsecured debt relating to credit cards, medical bills and personal loans — all while providing protection for your 401k plan, leaving your retirement funds virtually untouched.
In fact, taking a 401k loan, prior to filing for bankruptcy, can cause you to fail the Chapter 7 means test, disqualifying you for the benefits the plan has to offer and leaving you with little recourse other than to file for a more complicated Chapter 13 bankruptcy.
I take the time to understand your unique financial situation before offering advice on your options for seeking relief from your debt. In some cases, 401k loans may be appropriate, but in many others, a personal or bank loan may be a better option, leaving you with the ability to file for Chapter 7 in the future if your finances do not turn around for you.
Contact my office online or call 859-475-1813, or toll free at 866-661-0807, to schedule a free consultation to discuss your 401k loan and bankruptcy concerns today. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.