A frustrating situation that bankruptcy attorneys are often faced with is meeting clients who have drained their retirements in an effort to avoid bankruptcy, only to end up filing anyway. In a bankruptcy situation, funds in a qualified retirement account are exempt to over $1 million dollars - a limit not generally approached by most debtors.
People sometimes use loans and disbursements as a band-aid for their financial troubles. If this approach is not going to "cure" the problem, then you should avoid these false "solutions". The best decision you could make in considering resolution of your financial difficulties is to seek the advice of an experienced bankruptcy attorney.
There is extensive planning that can be done to seek to maximize the amount of assets you keep while minimizing the repayment to creditors. Your number one goal should be to seek a fresh start with as many assets as possible.
Speaking to a bankruptcy attorney doesn't mean that you will need to or should file a bankruptcy. A good bankruptcy attorney is experienced in many different areas of financial distress and can offer a comprehensive and creative approach to solving the problem. They deal with these issues on a daily basis and will have a broader range of experience and insight than the average person.
There may also be additional relief available to you in stripping mortgages, adjusting interest rates, IRS issues and so on that can be explained by a bankruptcy attorney. People often are misled by false information on the Internet or from well intentioned friends with only partially true information.
In short, meet with someone experienced in financial issues before raiding your retirement, you may be surprised at the options available to you.
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