Retirement is supposed to be a golden time, when we enjoy the fruits of our labors. But many retired people face financial difficulties. Investment losses, declining home values and medical costs can make it difficult for them to make ends meet on reduced incomes.
At The Law Offices of John E. Mufson, we help retired people, as well as those approaching retirement, get relief from unmanageable debts. Our law firm works hard to reduce our clients’ debts as much as possible, while enabling them to keep as much of their property as possible.
Contact us today to learn more about your debt relief options.
Important Facts For Older People Facing Financial Difficulties
A Chapter 7 or Chapter 13 bankruptcy can provide relief from unmanageable debts. Provisions in the bankruptcy laws can protect the assets and incomes of those in retirement:
Retirement assets are exempt — Creditors cannot touch your 401(k) and IRA accounts.
Government benefits are exempt — Your Social Security income and other government benefits such as veteran’s benefits and disability benefits are exempt, meaning that they are out of the reach of creditors. This can enable many retired people to qualify under the Chapter 7 means test.
Medical bills and other unsecured debts are dischargeable — Medical bills, credit card debts and other unsecured debts are completely dischargeable in Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, your remaining unsecured debts will be discharged at the completion of your three- to five-year repayment plan.
One problem can arise if you own your home outright or have very high equity in your home relative to your mortgage. Attorney John Mufson can address this and other special issues in your case.
Lake Worth Retirement Protection Lawyer Serving South Florida
Our law firm has debt relief solutions for people in their golden years. John Mufson has more than 25 years of experience in bankruptcy matters. He will use his knowledge to obtain maximum debt relief for you, while enabling you to keep as much of your property as possible.