Before you make the final decision to go bankrupt, or start the proceeding yourself it is wise to speak to a Louisville bankruptcy attorney. There are many things that you need to consider as this is a big decision that you are contemplating. You need to fully understand what is the likely outcome of the bankruptcy. You need to way out the pros and cons. What do you stand to lose and what do you stand to gain? If you have retirement accounts then what may happen to these has to be determined.
In most cases your individual retirement accounts will be exempt from the bankruptcy. Saving accounts such as your ERISA, Simple, Sep, Roth, profit sharing and Keoghs will be exempted. Also your 401K and 403B should be protected. If you have other retirement accounts you should speak to your lawyer about these.
Every bankruptcy case is different and is handled differently according to the pertinent circumstances. If your savings exceed $1,095,000 then the bankruptcy trustee has the authority to decide whether some of these funds should go towards paying off your creditors. Don’t take any action with these funds prior or during your bankruptcy as doing so could change the way they are handled during your bankruptcy.