According to the Consumer Bankruptcy Project’s recent study, the rate at which individuals aged 65 years and older are filing for bankruptcy has more than tripled since 1991. As seniors’ reliance on old-fashioned pension plans shifts to voluntary 401(k)-type plans, and as Social Security and Medicare become more restrictive, seniors are finding themselves increasingly unable to cope with rising healthcare costs. If you’re concerned that filing for bankruptcy will affect your retirement accounts, have no fear. Under federal bankruptcy law, almost all tax-exempt retirement accounts, including 401(k)s, 403(b)s, profit-sharing, and defined-benefit plans, are exempt in bankruptcy. IRAs and Roth IRAs are also protected up to a particular amount. You’ll want to check with a bankruptcy attorney to be sure that your retirement qualifies for protection. For more information, please call The Pruitt Law Offices S.C. at 262-633-8301 or at pruittlawoffices.com to set up a free consultation. We are located at 731 Main Street in Racine. We are your partners for professional service.