Kansas and Missouri debtors can protect their retirement in bankruptcy
In a chapter 13 bankruptcy you repay your creditors through a 3 or 5 year repayment plan. The trustee in a chapter 13 case does not look for any of your property that he can sell for the benefit of the creditors, so your retirement would be safe in a chapter 13.
In a chapter 7 bankruptcy case, the trustee is looking for non-exempt property he can collect for the benefit of your creditors. Fortunately, bankruptcy filers in Kansas and Missouri do not have to worry about losing their 401k, IRA, Roth IRA, pensions, or other qualified retirement accounts even if they file a chapter 7 bankruptcy. Qualified retirement accounts are exempt property in Kansas and Missouri.
Stocks, bonds, annuities, and other investment type accounts are not exempt property and can be liquidated for the benefit of your creditors in a chapter 7. There are some exceptions for debtors who need payments from these investment accounts to assist with their necessary expenses due to illness, disability, age, or death.
Bankruptcy exemptions are complicated and vary from state to state; to ensure you are receiving the full benefit and protection under the bankruptcy code arrange a free consultation with a Kansas City bankruptcy attorney.