Can I File Bankruptcy if I'm Retired?
After retirement, financial stress can become more real than ever before. You no longer have a steady income to rely on, and though you may have a retirement plan in place, there can be unexpected expenses causing you to consider bankruptcy as a viable option. Although bankruptcy is a choice even after retirement, it may not be a good one.
Seeking legal advice from a Terre Haute bankruptcy lawyer will be essential if you’re retired and trying to decide the best way to ease your financial stress. At Rowdy G. Williams Law Firm, our attorneys can guide you through the options regarding bankruptcy and help you choose the path that makes the most sense for your situation
Determining When Bankruptcy Makes Sense
Filing for bankruptcy makes sense for retired individuals in certain instances. There are two ways in which bankruptcy doesn’t make sense: if you don’t have anything a creditor can take or if you have too many assets to make bankruptcy beneficial. Creditors can’t take your household goods, your car, your social security funds, or most retirement accounts, so if that’s all you have, you’re safe without filing.
On the other hand, if you have too many assets, you may lose the property you own under Chapter 7 bankruptcy. Under Chapter 13 bankruptcy, you’d have a high repayment plan because of these assets.
Bankruptcy can be good for retired individuals if your debt can be discharged by the guidelines listed in Chapter 7 or if a repayment plan in Chapter 13 can help you catch up on payments you owe.
Consult a Terre Haute Bankruptcy Attorney
A Terre Haute bankruptcy lawyer can help explain both Chapter 7 and Chapter 13 bankruptcy codes to you to determine whether filing for bankruptcy makes sense for you as a retired individual. Although the process can seem complicated, the attorneys at Rowdy G. Williams Law Firm have a deep understanding of bankruptcy law and will make sure you’re in good hands.
If you’re ready to discuss your finances in greater detail, you can schedule a free consultation today by calling 1-812-232-7400 or by filling out the contact form below.