Are you saving for retirement or currently retired? Overwhelming debt can place your retirement savings at risk. Consequently, many older Americans are using bankruptcy as a solution. Yet, people often worry that filing bankruptcy will place their retirement savings at risk. Will a trustee seize your retirement savings to pay your creditors? Today’s article will help answer if a bankruptcy will cause you to lose your retirement savings.
If you are married and considering filing for bankruptcy, you are probably wondering how it will affect your spouse. This is especially true if you plan on filing alone. There is a common misconception that if one person files for bankruptcy that the spouse is automatically responsible for the debt. This is not always the case.
One of the prime reasons that many people decide not to file for bankruptcy protection is a perceived harmful impact on their credit. Why perceived? It is true, a bankruptcy will stay on your credit report for 10 years. Nevertheless, not filing bankruptcy will allow your debts to grow, become charged off, and be sent to a collection agency. The fact is, despite the consequences of filing a bankruptcy, it will often improve a person’s credit situation, not harm it.
Many people share some common misunderstandings and misconceptions about bankruptcy. Moreover, these myths can impact their ability to make good decisions. A consultation with Harris S. Ammerman Esq., a bankruptcy attorney in Virginia, Maryland and Washington, D.C., can help you fully understand bankruptcy. In the meantime, today’s article addresses some of the most common myths about bankruptcy.
Credit is a very powerful tool, but debt can become a monster. If you are reading this article, you likely discovered it researching how to deal with debt collector harassment. These deliberate, pestering attacks can come in many forms. When a debt collector intentionally annoys, abuses, or threatens, it can cause stress and anxiety.