Chapter 7 Bankruptcy: Special Considerations For Senior Citizens

Posted on: 13 March 2015
Many senior citizens rely on payments from Social Security or private pension funds to cover their expenses during retirement. Unfortunately, people on fixed incomes often struggle to pay off their debts. If you are living on a fixed income and struggling to pay your bills, bankruptcy might be a good option for you. Here are several things you must consider before making the decision to file. Home Equity and Bankruptcy
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Struggling To Keep The Bills Paid In Your Golden Years? Bankruptcy May Go Easy On You

Posted on: 12 March 2015
Bankruptcy is often portrayed as a terrible thing to be avoided at all costs. However, for elderly people facing debt, bankruptcy's negatives may not be so serious, and its ability to get rid of certain types of debt may be even more important. If you're getting older and worrying about your debts, maybe it's time to consider chapter 7 bankruptcy. Elderly People Have More Untouchable Money When you file for chapter 7 bankruptcy, you must first pass a means test before you can proceed.
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Chapter 13 Bankruptcy: Reduce Balance And Interest Rates On Car Loans With A Cramdown

Posted on: 3 March 2015
Americans are borrowing more money to buy cars. Despite the economy being in a recessive state, Americans are buying more cars with an increase of 15.6 million units in auto sales. Instead of paying for the vehicle in full, most buyers are opting for car loans instead, as interest rates have lowered. There were 60.5 million car loans taken out in 2014. If you have taken out a car loan previously, and your car is now worth less than what you owe on it, you may be able to apply for a cramdown if you file for chapter 13 bankruptcy.
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