Should I Cash My Retirement to Pay Debts?

We hear this all the time, "well maybe I could cash in my retirement to pay off these debts."  That is not in your best interest.  You will need these funds in the future for your retirement.  These funds will most likely be protected in the bankruptcy.  So no this is not a good idea to cash in any retirement accounts to pay off debts.

Get a Fresh Start

Are you struggling with debt?  You are not alone, there are over 1.5 million bankruptcy filings each year in the United States.  Bankruptcy could be the way for you get get a fresh start.  Call us for a free consultation and we could advise you of your options.  We have 3 convenient locations to serve you.

Settlement Offers

When you fall behind on your credit card payments your creditors may offer you settlements to pay them a lower amount.  This may sound like a great idea at the time but what they may not tell you is that they can report this to the IRS as income, you could then be required to pay income taxes on this amount.  If you file bankrupcty on these debts you will not have to report them as income.  In the long run bankruptcy is much better for most people than settling with their creditors.

REINSTATEMENT FEES

Are BMV reinstatement fees dischargable?  Yes, many people do not realize that they can file on their reinstatement fees once in their lifetime and then re-gain their driving privledges as soon as they file their case.  This can help people get back on their feet and back to work in a timely fashion.