There are a number of reasons people may face bankruptcy in their senior years; these include massive medical debt, falling prey to scams, and having finances mismanaged by adult children or trusted financial advisors. As reported by the Consumer Bankruptcy Project and the AARP, between 1991 to 2007 the rate of bankruptcy filings among senior citizens increased by 150 percent; the sharpest increase was seen in the age group of 75-84. The thought of facing bankruptcy in what should be a stable time in your life can be devastating; you may worry that you’ll lose all your savings, your home, and anything else you need to live comfortably. But don’t give up hope. There are several ways to make the bankruptcy process go more smoothly for yourself. Exemptions Missouri allows for certain exemptions during bankruptcy. If you’re filing for Chapter 7 bankruptcy, the exemptions will help you hang on to…
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Bankruptcy can be a frightening prospect for many individuals. However, if you are struggling with debt and can’t get ahead, no matter what you do, it may be time to consider the option. The Chapter 7 option allows you to discharge your debts altogether, giving you a clean slate. But is this option a good fit for you? The Means Test The first step in the process is to go through a means test to determine if you are capable of paying back at least some of your debts. The first thing an attorney will look at is whether you make below the median income for your area and household size. If you are below this income level, you automatically qualify. Otherwise, the attorney will look at how much income you have left after paying your allowable bills to determine if you have the disposable income to pay some of…
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How much do we know about bankruptcy? We see television commercials and hear about famous people that have filed from the tabloids and it’s just human nature to make assumptions made when it comes to bankruptcy that just are not true. Cause Many people have never experienced severe financial hardship. Many believe that individuals who file for bankruptcy are just irresponsible when it comes to managing their money. This is not true. Many bankruptcies are a result of medical costs such as an unforeseen long-term illness that can have a devastating effect of a family’s finances. Other times individuals may be overwhelmed with legal costs associated with divorce or a wrongful conviction. Many times bankruptcy is just a result of an individual experiencing an unforeseen event in their life. Effect Think bankruptcy will remove any and all debts? Not so fast. If you have past child support payments before the…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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