Legal Question in Bankruptcy in Louisiana

Are any funds in retirement account affected?

If we choose to file bankruptcy, will my husbands' retirement be affected or seized by the bankruptcy court? He is still employed and willnot retire for at least another year. I have lost my job and we are unable to make payments. How can we keep our home andautomobiles? Which form of bankruptcy should we consider, Charpter 7 or 13?


Asked on 6/28/99, 8:10 am

1 Answer from Attorneys
Susan Freiman The Legal Clinic

Re: Are any funds in retirement account affected?

There are both federal and state exemption laws which can be used to protect the property of a debtor in a bankruptcy proceeding. If those laws are not enough, then Chapter 13 is a good possibility. No lawyer can give you specific advice about what is good for you, without sitting down with you and learning ALL about your situation.

I therefore strongly suggest that you consult with a lawyer. Call a number of lawyers in the Yellow Pages and ask about prices. Most bar associations also have panels of lawyers willing to work at reduced fees. If you really cannot afford a lawyer, try Legal Aid for help.

Good luck!

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Answered on 7/11/99, 11:02 pm


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