Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “Are my 401k and IRA protected in bankruptcy?”
At its most basic level, the bankruptcy process exists so that if a company or individual finds itself upside down, owing more to creditors than can reasonably be repaid, there is hope. Hope that the debts can be eliminated or reduced. Hope that the company can be restructured. Hope of starting over fresh. Though this hope would seem to exist for any business owner in the U.S., a recent court decision out of Colorado made clear that this hope will not extend to marijuana-related businesses.