Debt Relief for Those Approaching Retirement

Minnesota's Bankruptcy Law Firm for More Than 40 Years

With continuing economic troubles, weakness in the stock market and real estate values continuing their downward spiral, many people approaching retirement face difficult financial decisions. They may have to consider working longer than they had anticipated. Some may be tempted to tap into their 401(k) and IRA accounts. Others may be forced to sell assets or face the possibility of foreclosure.

Approaching retirement with unmanageable levels of debt is unpleasant and unsettling. It can cast a dark cloud over what should be your golden years.

At Prescott Pearson & Tande, PA, we have extensive experience helping middle-aged and older people resolve their debt problems. Before you burn up your life savings or accumulate more debt, get legal advice from an experienced debt relief team.

Retirement Accounts Are Exempt

If you have money in a 401(k), IRA or other retirement account, you should think long and hard before withdrawing it to meet your expenses. Your retirement funds are exempt and out of the reach of the bankruptcy trustee. You will be able to keep those funds, and if you take the Minnesota exemptions, you can keep up to $300,000 in home equity, a vehicle valued up to $4,000, personal property up to $9,900 and more. The federal exemption schedule offers a different set of exemptions. Our lawyers understand the available exemptions, and we will work diligently to protect as many assets as possible.

Debt Relief Options

Depending on your situation, you may qualify for either Chapter 7 or Chapter 13 bankruptcy. Prescott Pearson & Tande, PA, will develop the optimal debt relief plan for you, providing skilled and assertive representation at all stages of the bankruptcy process. We will seek to reduce or eliminate as many debts as possible, while enabling you to keep as much of your property as is allowable under the law.

Retirement and Bankruptcy in Minnesota

Once you retire, in many ways you will be in a stronger position relative to your creditors than when you were working. Your primary source of income, Social Security, cannot be taken from you by the bankruptcy trustee. Many or all of your assets will be exempt, meaning that they cannot be taken from you.

"This Is All We Do, and We Do It Well."

Contact an Attorney ∙ Free Initial Consultations

  • Minneapolis-St. Paul Area: 651-968-8096
  • Minnesota Toll Free: 888-366-0827

For a free consultation with a Minneapolis debt relief attorney, call Prescott Pearson & Tande, PA, or contact us online.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.