Posts Tagged ‘declaring bankruptcy’
- Thinking Of Declaring Bankruptcy? A List Of Some Things You Should Never Do: Part Two In the last article in this two part series I gave you a brief summary of what bankruptcy was, what the Chapters mean, and a list of things to avoid doing once you have made the decision to file for bankruptcy. Continuing on, if you are declaring bankruptcy, do not liquidate your retirement account. First, it is unnecessary to do this because retirement accounts are typically exempt property under the law, no matter what chapter you file. Plus, if you withdraw this money early, this means liability for penalties and taxes which may not be discharged in your bankruptcy.