Retirement Accounts in Bankruptcy

Many retirement accounts are exempt when you file for bankruptcy including: 11 U.S.C. § 522 – Tax exempt retirement accounts (including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans). 11 U.S.C. § 522(b)(3)(C)(n) – IRAS and Roth IRAs to $1,171,150. State Pers. & Pen. 21-502 – State employees […]

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What is a Discharge?

What does “discharged” mean? The goal of a bankruptcy proceeding is to obtain a discharge of debts. When a debt is discharged, it is no longer enforceable against the debtor personally. Personal liability When you have personal liability for a debt, a creditor with a judgment can use legal processes, like levy and garnishment, to […]

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Law Offices of Teresa Cho Edwards

9500 Medical Center Drive Largo, MD 20774. Our Law Firm helps Maryland and DC residents get a fresh start through the bankruptcy process. Chapter 7 & 13 bankruptcies help our clients eliminate and reorganize their debts. Reasonable, Competitive Fees. Office conveniently located in Upper Marlboro, MD.

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