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Rochester Bankruptcy Law Blog

Bankruptcy and retirement: You may want to consider it

Bankruptcy can be seen as something negative. And while the decision to file should not be taken lightly, it can have benefits.

One that may be crucial is that either a Chapter 7 or Chapter 13 can put a stop to relentless creditor harassment. It can also provide a path to help you get back on track financially and again able to meet a age goal for retirement.

Reaching retirement? Eliminate your debts beforehand

When you are young, it is easy to make a habit of revolving credit lines. As you get older, however, the debt you maintain should be lower, since you want to be able to pay it off prior to retirement.

Unfortunately, life happens. There's a chance that you lost your job earlier than expected or had a medical emergency that added to your financial stress. Whatever the situation is, if you are in over your head with debt, bankruptcy may offer needed relief.

Which is the right type of bankruptcy to get out of debt

The bills continue to pile up and each month requires tougher and tougher decisions about what to pay. This may be related to a illness or unexpected job loss or it could be incrementally falling further behind each month. Bankruptcy offers a financial reset and can put a stop to creditor harassment. 

There are two primary forms of bankruptcy for consumers, Chapter 7 and Chapter 13. Chapter 7, or liquidation bankruptcy, is usually faster than a Chapter 13 bankruptcy and gives you that fresh start quickly. However, it may require you to sell some of your assets to satisfy creditors.

What to do when credit card debt grows out of control

It is possible to go from paying off the balance on credit cards each month to an insurmountable mountain. Life happens. One serious injury, a lengthy illness or a job loss can tip the scales.

If each month seems to get worse, options exist. While you might not know how to pay it off, remedies do exist. Be proactive and learn some initial tips by reading this post.

Bankruptcy and retirement: Get the facts

When you're growing older, the one thing you want to guarantee is that you can have a comfortable retirement. You've worked for many years, and you deserve to be able to relax as you reach your golden years. Sadly, if you've lived beyond your means or are in a position where your expenses outweigh your income, you could face bankruptcy before or during retirement.

Many people put off filing for bankruptcy because of the fear that their retirement accounts will be affected by it. The reality is that you may not have to worry about your retirement being affected by bankruptcy at all.

3 common reasons people declare bankruptcy

If you have had trouble making ends meet recently, you are not alone. You probably have friends, family or neighbors in Rochester with similar problems. While some people continue to struggle and can never quite get ahead, others choose different methods to get their debt under control. For instance, a few credit counseling sessions might be enough for one person, but for another, bankruptcy might be more effective.

Many people consider bankruptcy to be something that should be avoided at all costs. However, there are many benefits to declaring bankruptcy such as automatic stays, which can stop creditors from coming after you or put a hold on foreclosure proceedings. But, how do people end up in a situation where bankruptcy is necessary? Here are some common causes of bankruptcy.

When is Chapter 13 bankruptcy the right option?

When people think of bankruptcy, they often conjure up images of someone who is too old or sick to work. While it is true that Chapter 7 bankruptcy has specific protections for those who have lower levels of income and fewer overall assets, that doesn't mean that only people in dire financial straits or who don't have jobs need the protection of bankruptcy.

In fact, those who work high-profile and high-paying jobs can often find themselves overwhelmed by debt. After all, you probably need a car, wardrobe and home that is comparable to those of your peers. The more you make, the more debt you may find yourself carrying at any given time. Even those with substantial assets and income may require the protection of Chapter 13 bankruptcy proceedings.

Don't be scared of bankruptcy: It can help you

Bankruptcy is sometimes difficult to consider, especially when you've worked hard for everything you own. You might be considering bankruptcy because of an expensive medical emergency or because you lost your job.

Whatever the cause, the reality is that bankruptcy can be a valuable option. Unlike what many myths suggest, you won't lose everything when you file for bankruptcy. People who opt to go through bankruptcy have exemptions open to them, which make it easier to keep the items you need, like your primary vehicle, home and other key assets.

Ideas for saving money for a rainy day

You may have heard that factors beyond a person’s control like job loss or unexpected medical bills are often the cause of bankruptcy. While many Americans survive paycheck to paycheck, you should do anything you can to prepare for a rainy day.

A financial hardship doesn’t have to be something as catastrophic as losing your job or a hospital stay; a surprise car repair bill or having your hours reduced at work could affect your livelihood. Having an emergency fund in situations like these immensely helpful because it means you can manage your bills better without using credit or making installment payments.

A quarter of Americans expect to die with debt

Debt follows you wherever you go and according to a new poll from, 25% of Americans expect their debt to follow them to the grave. There was also 65% of participants who don’t know if or when they pay off their current debt.

The poll only highlights the sad reality that many Americans deal with – living with debt without a chance at recovery. Luckily, the survey also found 35 percent of Americans expect to be free from their debt.


Peter R. Scribner, Esq.
1110 Park Avenue
Rochester, New York 14610

Phone: 585-800-9616
Fax: 585-256-6462
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