After an individual files for bankruptcy, the court will assign a trustee to the case. The job of a trustee is to make payments to creditors with liquidated assets in a Chapter 7 bankruptcy or make payments to creditors as arranged through a chapter 13 settlement agreement. In both Chapter 7 and 13 bankruptcies, certain property is protected from the process known as bankruptcy exemptions. Typically these include exemptions for a home, automobiles and retirement accounts. When it … [Read more...]
Archives for March 2017
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Bankruptcy Filings Increase for Ages 55 and Up
With more debt than that of previous generations, baby boomers are having to get by with less when retirement rolls around. In fact people ages 65 to 74 have saved 32% less in the past decade and have piled on five times the debt. This follows on the heels of the financial crisis, where many faced unemployment, pay cuts and a decline in the value of their homes. Everyday obligations, medical bills and college tuition debt left over from sending their kids to college drove many boomers to … [Read more...]
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