Can Filing Bankruptcy During Retirement Make Sense?
DEPENDS. Retirees may appear, upon first blush, to be illogical candidates for a bankruptcy.
But dig deeper and consider this – financial crisis can strike at anytime.
Even those who are retired are not insulated from financial woes.
Many individuals rely on 401k and other market-based investments for much of their retirement income and the volatile markets of the last decade have proven to be disastrous for many unlucky investors.
Also, a divorce, which can occur at any age, could upset your carefully designed retirement plans.
And some parents may have signed on personal loans for their children and may suddenly find themselves on the end of collection calls for a debt they never planned to pay, or worse a co-signer on a home of a relative that is now in foreclosure.
Bankruptcy, at the end of the day, is a financial decision, and it needs to viewed as such.
It can provide options, such as a Chapter 13, which can be used to eliminate financial burdens like second mortgages, medical expenses and credit card debt, or a Chapter 7, which can eliminate debts entirely.
And because retirees may have a reduced need for new credit and some income, such as Social Security, may be protected in a bankruptcy from creditors, filing a bankruptcy even after retirement may make financial sense.
If you are interested in filing bankruptcy, and need more information about Chapter 7 bankruptcy — or Chapter 13 bankruptcy, please set up an in person consultation with an experienced bankruptcy lawyer at Georgia Bankruptcy Attorneys (d/b/a Brian Poe & Associates, Attorneys, PC),
an Atlanta law firm with satellite offices in Buckhead, Fairburn, Forest Park (Clayton County), South Fulton County (less than 10 minutes from the Atlanta airport), Union City, and various other locations in North Georgia, in addition to our downtown Atlanta office.
With affordable rates in comparison to bigger law firms, we accept payment plans and offer other flexible pay arrangements if you have a job or other income, and are committed to paying.