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June 2013 Archives

How does bankruptcy affect a 401(k)?

When credit card debts mount and it becomes difficult to make monthly payments, some Wisconsin residents may wonder whether it would benefit them to file for bankruptcy. Consumers who are retired may wonder whether filing for bankruptcy to eliminate credit card debt would affect retirement accounts, such as a 401(k).

People who have been foreclosed upon may still owe money

Wisconsin residents who have had their homes foreclosed upon may think that their nightmare is over, but deficiency judgments can be brought against people years after their home has been repossessed. If a home is foreclosed upon, the bank may not be able to sell the home for enough money to cover what was owed on the mortgage. This amount, along with interest, is a deficiency balance. Unless an individual files for personal bankruptcy, the balance owed may follow them and even result in garnished wages.

Avoid using retirement accounts to pay off debt

Residents in Wisconsin who have large amounts of debt may consider taking money out of their 401(k) retirement accounts to pay off their creditors. While this may seem like a quick and easy way to eliminate credit card debt, there are a number of downsides to taking money out of a retirement account. Additionally, if someone does not deal with the behavior that led them to accumulating large amounts of debt, they could end up worse off than when they started.

Strategies for eliminating credit card debt

Wisconsin residents might be interested to know that the average consumer in the United States has about $7,000 in credit card debt. Credit card debt in the $10,000- $20,000 range is not uncommon. While it may seem impossible to get out of debt, paying your way out of debt is not as hard as it seems.

Five Questions to Ask Yourself BEFORE Filing For Bankruptcy

Bankruptcy is a right granted to you under federal law, giving you a chance to establish a fresh financial start. Bankruptcy is a good option when looking to stop bill collectors, start rebuilding your credit, and get rid of your debt without the risk of losing your car, home or retirement. Keep in mind that deciding whether or not to file varies on a situational basis. The attorneys at Miller & Miller LLC. have worked to compile a set of five questions to ask yourself to determine if bankruptcy is the appropriate process for you.

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

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