Filing for bankruptcy can be a scary and stressful time. As bankruptcy attorneys, we are here to offer our professional guidance to our clients during this stressful time in their lives. It is our foal to make the bankruptcy process as seamless and stress free as possible.
One question that we’re often asked is: “What will happen to our savings if we file for bankruptcy?” People are concerned about how bankruptcy will impact their retirement funds, college savings for their kids, their life insurance, or similar savings that they’ve contributed to for years. So, what’s the answer to this question?
North Carolina has a number of exemptions when you’re filing for bankruptcy. Some of these include insurance, qualified college savings accounts (up to $25k), most retirement and pension plans, future social security, and veteran’s benefits. This means that when you file for chapter 7 of chapter 13 bankruptcy, these types of savings will be safe from your creditors.
We know that each case is unique, and we are happy to walk you through the steps of filing, and help you figure out what’s exempt during the bankruptcy process. We also understand that sometimes life throws us curve balls that we never saw coming, even though we’ve been diligent about saving money for the future. Fortunately, in most cases, most, if not all, of these savings will stay in place after you file for bankruptcy, promising you a new and brighter financial future.
For a free consultation with a bankruptcy attorney, give us a call at Craft Law Offices in Greenville, NC.