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Senior Citizens benefiting from Bankruptcy

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Many seniors work hard their whole lives so they can enjoy their stress-free retirement. Unfortunately with this economy not everyone is able to reach that goal and are faced with weighing their financial options carefully. Many seniors and retirees wonder if bankruptcy is a good option for handing their debt trouble and wonder how it will affect their Social Security and retirement funds.

Luckily both Chapter 7 and Chapter 13 cases can help people keep and protect their funds.

When you file for Chapter 7 bankruptcy almost all tax-exempt retirement accounts are protected by the federal law, this includes but is not limited to: 401(k)s, 403(b)s, profit-sharing, IRA's, and defined-benefit plans. The exemption amount is typically unlimited except for traditional and Roth IRA's, which has a set limit of exemption. State law may provide additional exemptions.

In Chapter 13 you are able to keep your assets, which includes all of your retirement accounts, meaning those are safe as well.

Most seniors depend on Social Security as a main source of income, so it is crucial to understand how it can be affected during bankruptcy. Under Chapter 7, Social Security as well as Social Security Disability is protected. Even better news, that income cannot be counted for purposes means test. Overall this means if Social Security is most or all your income, you will likely qualify for Chapter 7.

For Chapter 13 bankruptcy, your Social Security income will be included when determining the proper amount you must pay each month in your repayment plan.

When deciding if bankruptcy is right for you, understand the rumors and myths before writing it off. Bankruptcy might allow you to obtain that relaxing retirement you strive and worked so hard for.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Bankruptcysite.org | Filing for Bankruptcy

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  • "I recommend Timothy Sierra - a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy. "
  • "I recommend Timothy Sierra - a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy. "
  • "I recommend Timothy Sierra - a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy. "
  • "I recommend Timothy Sierra - a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy. "
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