Monthly Archives: November 2017
Did you know that 8 percent of bankruptcy filers are aged 65 or older? This number has been trending upwards since 2008. One reason was the recession, which hit the elderly age group hard. And in some states, creditors are allowed to garnish up to 25 percent of a debtor’s disposable income, so bankruptcy can become an attractive option for people who fall behind on their bills. But perhaps the most common cause of senior bankruptcy is medical debt. Medical debt is the number one source of personal bankruptcy filings in the U.S. and given the high cost of healthcare for elderly people, it is easy for a debt spiral to drag down the finances of seniors with healthcare needs. According to the Consumer Financial Protection Bureau, debt collection is the most-complained about product or service for consumers over 62. The incessant calls and predatory nature of these companies can…
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Are millennials being crushed under a mountain of credit card debt? Is bankruptcy lurking on the horizon for many millennials? Today’s millennials have more debt than ever, between credit cards, expensive student loans, car payments and (sometimes) mortgages. Over two-thirds of millennials are paying back at least one source of long-term debt. Over one-third have more than one source of long-term debt. And given that the average millennial salary is less than $35,000, this age group faces a huge struggle paying off these debts. Millennials forego cars, moving out of their parents’ houses and getting married because it just isn’t financially feasible to do those things. Among all types of debt plaguing millennials, the largest by far is student debt. And because student debt is such a problem, many millennials fall into a debt spiral. Because they must pay expensive student debts, they have a harder time paying off other…
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Bankruptcy is a complex process, and a personal one. For that reason, many people consider trying to wade through the bankruptcy process themselves, without the assistance of an attorney. However, despite your do-it-yourself attitude, it is highly inadvisable to go through the bankruptcy process without a lawyer to help guide you. Bankruptcy is so easy to mess up – even skipping a little step or improperly filling out a form can lead to your case getting thrown out, or certain debts not getting discharged. But what should you look for in a bankruptcy attorney? A deep knowledge of bankruptcy law Someone who understands the complexity of your case, whether individual or for business bankruptcy Someone that you think you can develop a good professional relationship with When seeking a bankruptcy attorney, beware of scams – there are a lot of companies out there promising quick fixes for your financial problems….
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