Bankruptcy is THE Alternative to a Retirement Marred by Mountains of Debt

Submitted by Jen Jones on Tue, 05/03/2011 - 6:23am

Bankruptcy is THE Alternative to a Retirement Marred by Mountains of Debt

Just as Baby Boomers shaped the counter culture of the 1960s, this storied generation of robust lifestyles, risk-taking rebellions, and Rock-n-Roll significance is ready to yet again make its mark on America—this time, in their mid 60s. Today, Boomers now represent one-third of the total population of North America, with their highly populated presence standing as a testament to the hard lessons learned from the new economy: poor financial planning converging with uncertain economic circumstances at a vulnerable age in a working life, can have a apocalyptic impact on our nation’s more plentiful citizenry. And being that so many people are having such a tough financial time, this mature fiscal meltdown has a ripple effect on the overall American economy as millions of men and women prepare to retire in 2011 and yet are seemingly unprepared to do so.

Long story short, beginning this year, over 10,000 baby boomers a day will turn 65, a pattern that will continue for the next 19 years. And fewer and fewer of these older Americans are able to stop working, at least without mountains of debt from decades of overextending themselves—especially credit card debt.

These same Boomers may have thought they had room to spend, comforted by the hundreds of thousands in perceived equity in their homes that, until five years ago, seemed full-proof in any economic environment. But fast forward to today, when the real estate reckoning has left millions of near-retirees underwater in their homes—owing more than the house is worth—while, at the same time, drowning in consumer debts, unable to tap any resource to dig themselves out.

So, instead of preparing for paradise post-career, many Baby Boomers are facing the reality of “paradise lost,” with few options other than to continue working or be forced into an early retirement by an ever-younger workforce clamoring to do the job faster, smarter, better. Others face cut-short careers in industries that just couldn’t survive the economic downturn, forced out of the workforce or into lower paying work, even as credit card debt rises and mortgages get harder and harder to pay.

But there are options. And in light of these post-career challenges, if you are a Boomer siphoning from your savings to subsidize a job loss, consumer debt or medical costs, the time to consider other options is NOW. A personal bankruptcy can free up the money you need to avoid being left empty-handed in your all-important later years.

Specifically, a Chapter 7 bankruptcy can virtually wipe away significant credit card debts. An added bonus is that following the 2005 Amendments to the Bankruptcy Code—the set of federal rules that govern your bankruptcy— retirement vehicles like 401(k)s and IRAs are relatively safe from creditor claims (as long as you didn't transfer three hundred thousand dollars in them the day before you filed your bankruptcy). And if you’re worried about losing your home and belongings, a Chapter 13 option can even keep you in your home sweet home as you plan to dispense with other unsecured debts.

So, if you’re an older American who’s been affected by the economy, and are now considering new ways out from underneath ever-increasing debt, and get back on track, knowing a qualified bankruptcy attorney can also help you to conquer your creditors and face your financial fears, yielding the right kinds of support, information and insights—at a low cost. The bankruptcy lawyers at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Call toll free to +1-919-646-2654 TODAY.

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