Bankruptcy as a Retirement Planning Tool - Everyday I meet 3 or 4 families who are considering filing for bankruptcy.
They have many reasons for looking for the debt relief offered by bankruptcy. Those reasons may include job loss, unexpected medical bills, or increasingly, retirement.
When a person retires, it is a major life change. They lose their consistent income from their wages. They will have to rely on Social Security, their 401k and investments, and any pension they may have. A retiree can be faced with many challenges and one of those challenges is how to deal with the debt they may have accumulated over their working lifetime. Bankruptcy can provide relief from debt and medical expenses for retirement age people. It will also protect most of the retiree's assets.
I often see retirement age people who have done everything they can to not file bankruptcy. They have used their 401k or taken out a second loan on their home. These are assets that cannot be replenished by the retiree. Instead, I recommend the retiree do everything they can to protect their assets. Bankruptcy in Texas allows for the attorney to choose between the Texas exemptions or the federal exemptions. Your home, your personal property, and your 401k can all be protected from creditors.
If you are interested in discussing bankruptcy please give me a call. 817-494-3344. I provide a free consultation.