Saturday, July 30, 2016

Why you should not borrow from your retirement fund...

This is just a quick entry about using retirement money to pay back debt. If you read some of my other blog entries, you may find where I talk about keeping your retirement money for retirement. Under bankruptcy protection in Pennsylvania, you can usually protect 100% of your retirement accounts.
Image courtesy of David Castillo Dominici

This LSS Financial Counseling Blog article;  4 Big Reasons Not to Borrow From Your Retirement Fund, gives you a couple additional reasons not to use your retirement fund. The article lays out four reasons:

- You’re stealing from your future self

- You’ll have less options

- It’s not free money

- There are risks

The article explains each reason. It talks about other options instead of bankruptcy. But that is ok because financial problems do not have a one-size fits all solutions. Check out the article if this topic interests you.

You can also check out some of my other blog entries:

- Bankruptcy - I cannot say it any better than this: "Bankruptcy is an excellent retirement strategy"

- Bankruptcy - How can I file bankruptcy with $50,000 in my retirement account?

- Bankruptcy - When is it a "good" time to file?

-  New Reviews - Have you checked my review page recently?

 If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at or call us a 215-660-3170 and schedule an appointment.

#bankruptcy Chapter7 #Chapter13 #MontgomeryCounty #lawfirm #BucksCounty #Pennsylvania

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