Having a new baby means all kinds of changes and many new expenses. To deal with these expenses, parents often look to new or alternate sources of income, including potentially withdrawing from retirement savings.
Generally speaking, if a person withdraws from his or her retirement plan prior to turning age 59 ½, doing so results in a 10% tax penalty on the amount of the withdrawal (this is, in part at least, meant to deter folks from dipping into retirement savings intended for the future). Congress has carved out times, though, when individuals may withdraw from their retirement accounts prior to turning 59 ½ without incurring an additional 10% penalty. A change to the Security Act last month now adds becoming a new parent to the list of times when folks can withdraw from their retirement accounts without the 10% penalty. The article below provides additional details and information about this exception.
At Giles & Lambert, we find that many folks, including new parents, who are struggling with debt will withdraw from their retirement plans to try to make ends meet. If snowballing debt or high minimum payments are making you consider withdrawing from your retirement account, bankruptcy may offer you the financial freedom to keep your retirement savings right where it is and still be able to live comfortably. At Giles & Lambert, we offer free half-hour bankruptcy consultations with an attorney in any one of our offices (Roanoke, Martinsville, and Blacksburg). Call us today at (540) 981-9000 to schedule your appointment to see whether bankruptcy may be able to offer you the financial freedom you need.
We are not only turning the corner on a new year – an entirely new decade is upon us. As you consider your goals for the new year, don’t forget to consider your financial health. Whether you are struggling with debt that has hung over your head for years or are worried about recent debt issues that have arisen, there is no better time to consider what a fresh start through bankruptcy can do for you and your family’s finances and peace of mind. At Giles & Lambert, our team welcomes you in an non-judgmental, friendly atmosphere for a free bankruptcy consultation to discuss your debt issues to see if bankruptcy can help you meet your financial goals in the new year.
Volvo announced it would be laying off 700 employees in January due to an anticipated drop in sales. For many folks in the New River Valley, this type of change can lead to financial distress as unemployment may not cover your living expenses and debts. If you find yourself facing financial hardship due to this lay-off, the law firm of Giles and Lambert has an office in BLACKSBURG and stands ready to provide advice and help on how bankruptcy may help you through this difficulty.
Our hearts and prayers go out to all the Volvo employees and families impacted by this news. If this lay-off puts you in a financial bind, give us a call to schedule a free consultation on how we might can help.
Holiday festivities can wreak havoc on even the most
well-planned budget. See below for strategies to make it through the
holidays without damage to your finances.
While considering your finances, if you find that you are
struggling to make your debt payments, contact Giles & Lambert for a free
bankruptcy consultation to see what bankruptcy may be able to do to help
If you’re one of the 53% of Americans who feel anxious when thinking about your personal finances, I would encourage you to ask yourself why. If you determine that debt is making you anxious or is keeping you from meeting your other financial goals, call Giles & Lambert, P.C. for a free bankruptcy consultation.