Savings accounts and bankruptcy

Some people may think it is better to withdraw all of their savings before filing bankruptcy.  However, if you attempt to hide money you are committing bankruptcy fraud.  It is better to leave the money where it is until you talk to an attorney.  There are federal exemptions, and most states have their own exemptions, that protect certain assets from creditors in bankruptcy.  A bankruptcy attorney can advise you the best way to protect your assets by utilizing the exemptions provided by state and federal law.

For more information read, “Should I Cash Out My Savings Account Before Filing for Bankruptcy?