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Toledo Man Protects His 401K After Bankruptcy

After a prolonged period of unemployment, a 50-year-old man from Toledo acquired a new position in auto sales but needed some help with an untenable financial situation. During the time he was looking for work, he was living off of his credit cards, which resulted in over $200,000 in debt and creditors were beginning to garnish his wages. The man knew that he need to pursue a program to reduce and repay some of this debt; however, he was concerned about protecting a few assets that he earned throughout his life. Specifically, the man had a 401K through a previous employer that was worth almost $500,000 and a whole life insurance policy with $35,000 in cash value and he was worried that if he filed for bankruptcy, these assets would be liquidated to repay his debts.

He expressed these concerns to the experienced bankruptcy lawyers with Cleveland Bankruptcy Attorneys, and we began working on his behalf to provide his client with a fresh start. Due to our representation, this client successfully filed a Chapter 7 bankruptcy, which stopped his creditors from garnishing his wages and discharged his unsecured credit card debt without using the funds in his retirement account or life insurance policy. The man was very pleased to protect these assets and was very excited to restart his career without these looming financial issues to holding him back.

Prior results do not guarantee a similar outcome in your case. Individual results may vary based on the facts, injuries, jurisdiction, venue, witnesses, parties, and other factors. The results and client testimonials provided are not necessarily representative of the results obtained by all clients or their satisfaction with the firm’s services.

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