There is a variety of personal property that an individual may own. Furniture, appliances, clothes, bank accounts, stocks, bonds, cars, and trucks. Another common piece of personal property that may people own is a retirement account or pension fund. Regardless of what kind of asset it may be, the law requires that you make the court aware of the fact that you have an ownership interest in it.
A St. Louis Bankruptcy Attorney Can Protect Your Retirement AccountOnce these disclosures are made, you may then apply certain exemptions so as to keep the property safe (in other words, keep it out of the hands of the Trustee whose job it is to liquidate assets). For most property (either real or personal), there are limits to amount that can be exempted. For instance, you are given a $3,000 exemption for household goods. But qualified retirement accounts (like a 401k) or vested pension funds are given an unlimited exemption. This means that regardless of how much your retirement plan is worth, it cannot be touched by anyone. The reason why is simple: retirement accounts are designed to assist you in old age, and therefore should not be subject to liquidation.
The affordable St. Louis bankruptcy lawyers at The Bankruptcy Company have been providing expert bankruptcy legal services for years. Our goal is to make sure that all your assets are kept safe, while getting rid of all the debts you want discharged. This will help to get you on the road towards financial success. The fresh start / clean slate that comes with a St. Louis Chapter 7 bankruptcy or a St. Louis Chapter 13 bankruptcy will get you there quicker than you think.