If my personal business files chapter 11 or 13 bankrupsy, can I lose my personal retirement savings?

Public Comments

1. Hate to say it but if they are filing for bankruptcy then your retirement plan is probably already gone.
2. Talk to a good lawyer. If you need to find one who specializes in business law contact your local Bar Association's Referral Service. If you incorporated then you should be OK if not you need someone familiar with your state laws governing business bancruptcies. If you are definately filing chapter 11 or 13 then just contact a really good bancruptcy lawyer and he/she should have all the info you need. Hope the New Year is better for you.
3. If your personal business files a Chapter 11 or a chapter 13 you may not lose your retirement savings. If you incorporated then your personal assets cannot be touched. Chapt 11 or Chapt 13 is meant for reorganization, therefore, providing that your payment plan is approved by the judge your retirement savings may be fine. I would like to point out however, that if you did not incorporate then you are your business and in order for your business to file bankruptcy then you would also have to file personal bankruptcy. May I suggest that before your file, you make attempts to work out a settlement or a repayment program with your creditors. Most creditors will work with you providing that you communicate with them. Communicating with your creditors may save your credit and your business. Good Luck.
4. If your business is not incorporated they also can go after any personal savings you have.