Retirement is meant to be a time when one can enjoy life without all of the harassing phone calls or numerous bills coming daily causing stress. Grandma and Granddad are struggling to meet their basic needs and tell stories about skipping meals to afford their medication. This is not new. Financial stress in the last few years has intensified with low interest rates and increased health insurance costs.
Many people have been forced to use credit cards to weather cash crunches and medical costs continue to climb. Children may still be in college or continue to need assistance. The picture for those from 65 to 74 is that borrowing obligations are five times the level of what similarly aged Americans held twenty years ago. Could bankruptcy provide an answer? It might - it could help you, your parents or your grand-parents even.
Getting out from under mountains of debt
Working longer is one option. Adding a job after retirement is another. But even that may not be enough. After working all of those years, it just doesn't seem to resolve the issue. If you retired to enjoy life, we can help you do something about it.
Chapter 13 or Chapter 7 bankruptcy
Your financial situation is unique and no standard recipe will work for everyone. There are many stories about those who had it made and then things turned and they ended up in a financial crisis. The Wall Street Journal recently had a story of a woman who had built a fortune buying and selling properties. After the financial crisis, her checking balance fell to a low of $15. A Chapter 13 bankruptcy helped her get back on her feet.
Chapter 13 bankruptcy payment plans give you lots of options to regain control of your finances. The flexibility of the plan and being able to select what debts are paid (not all of them) is a huge benefit.
A Chapter 7 bankruptcy allows you the option to get out from under burdensome debts. But you can still choose to pay other debts under the original terms of your agreement with the creditor. Whether you file for Chapter 13 or Chapter 7, the filing will stop creditor collection efforts. It is often the first step in a long-term solution to financial problems that have compounded over the years.
Get individualized information
While it is still tax refund season, don't just survive one more month. Call us to discuss your individual financial situation. Bankruptcy might not be the best option and if it's not for you, we will tell you. You won't find out, however, until you make the appointment.
What if bankruptcy does make your financial situation better? What have you got to lose? A little time getting valuable information will help you make an informed decision. It is more than filling in forms. When you meet with us, we provide individualized advice based on your unique situation. You meet with an attorney and not a secretary or paralegal.
Yesterday was the best time to call; make a call today before the problem grows any bigger. It's 785-379-6642 for a free and confidential consultation.