Considering Chapter 7 Bankruptcy As a Senior Citizen? 2 Ways It Will Impact Your Income

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When filing for Chapter 7 bankruptcy as a senior citizen, it is important that you understand how filing for bankruptcy will impact your income, which at this point in your life is most likely coming from retirement accounts as well as social-security payments.  #1: Retirement Accounts When you file for bankruptcy, the money that you have saved up in your retirement accounts is generally protected by federal law. This protection was put in place to encourage people, even those in debt, to save for their retirement.…

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How To Know If It Is Time To Consider Filing For Bankruptcy

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Deciding whether to file for bankruptcy can be a tough decision, especially if you are not aware of the signs that you need to be looking for. To help you decide if it might be time to consider filing for bankruptcy, you will want to check out the following points. Collection Calls Will Not Stop If you are unable to make suitable payment arrangements with your creditors, it is unlikely that they are going to stop placing their collection calls.…

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Filing For Bankruptcy? Never Try To Conceal Your Assets From The Court

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The recent furor over some social media posts by rapper 50 Cent brings to light something people should know about bankruptcy — you can’t use it to avoid paying your debts if you actually have the money or assets to do so. Try it, and you just might find yourself hauled back into bankruptcy court for a fraud investigation. This is what you should know. You have to tell the court everything.…

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