For many, the idea of filing for bankruptcy after retirement may sound absurd. The point of retirement is that you save enough money so you won’t have to work after a certain age. But not everyone has the ability to save enough money for retirement, and those that do retire don’t always have enough to last them until they pass on. Add in rising healthcare costs, tax rates, an increased number of parents and grandparents cosigning on loans for college, and the paltry amount guaranteed by social security, and you have the formula for bankruptcy in retirement.
September 5, 2024
The automatic stay is activated when bankruptcy is filed. The automatic stay puts nearly all creditors and debt collection actions on an equal playing field and gives the filer a much-needed break as they work with a bankruptcy attorney on the best solution to their debt problems. However, an automatic stay order is not all powerful. Many types of collections will be temporarily put on hold, but there are exceptions; the timeframe also depends on the type of bankruptcy and the filer’s overall financial situation.
September 5, 2024
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