What Happens to Retirement Accounts During Bankruptcy?

Facing Bankruptcy? Understand What Happens to Retirement Accounts During Bankruptcy

No one wants to imagine filing for bankruptcy, particularly as they get close to retirement age. Unexpected job losses, injuries, illnesses, or other disasters can leave people owing more than they canafford to pay.

Sixty-two percent of all bankruptcies are related to medical expenses. Other common causes include job loss, divorce, lack of insurance to pay for disaster costs, and poor credit management.

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