NO! Never use your retirement funds to pay for anything, including bills, without consulting with a Bankruptcy / Debtor attorney. A retirement account is for retirement. You will need it more then, no matter how difficult your circumstances are now.
Your qualified retirement accounts are protected from creditors, including the Bankruptcy Trustee. There are usually options to get through a very difficult financial struggle without using retirement funds
While there maybe the rare emergency that would require accessing retirement funds, it is worth a consultation to be certain that you have exhausted all other options. Far too often a client will contact us to file bankruptcy. Their financial burdens began a year, two, three or more years earlier. They spent those years accessing their retirement funds to get by, hoping to avoid bankruptcy. The retirement money eventually runs out and they contact us to file bankruptcy. They now file bankruptcy and sadly have no retirement funds to help when they will need it most.
The importance of having a professional consultation before depleting retirement money cannot be overstated. Contact us for a free consultation.
Serving Danbury, Connecticut and all of Fairfield and New Haven Counties.
