Can I keep my retirement accounts after filing for Chapter 7 Bankruptcy?

Yes, you can keep your retirement accounts after filing for Chapter 7 Bankruptcy in North Carolina. Most types of retirement accounts are protected from creditors under federal law and the law of North Carolina. This includes 401(k)s, IRAs, Roth IRAs, and employee stock ownership plans. Generally, these funds are protected even if you have not made any contributions to them for a number of years. Moreover, North Carolina has enacted laws that specifically offer additional protection to retirement accounts. Under North Carolina law, you are exempt from being required to spend money on bankruptcy proceedings and creditors if you would suffer an undue hardship as a result. This includes expenditures associated with attorney’s fees, filing fees, and other miscellaneous costs. Thus, in most cases, your retirement accounts will remain untouched after filing for Chapter 7 Bankruptcy. Additionally, you may want to consult a qualified bankruptcy attorney or financial planner to further protect these accounts from creditors. They can help you make sure that any assets that you own are exempt from your creditors and cannot be taken by the trustee during the bankruptcy process.

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Can I keep my retirement accounts after filing for Chapter 7 Bankruptcy?

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