Late-Life Bankruptcies

A Growing Safety Net

By James Frego and Glen Turpening

At a Glance

The concept of a late-life bankruptcy is one that attorneys working with older clients need to become familiar with as a way of helping these at-risk individuals. Bankruptcy is becoming a bigger part of the social safety net for senior citizens where the old system of a secure, lifelong income is being replaced by permanent debt relief.
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Different Types of Bankruptcies: Chapter 7 vs. Chapter 13


Deciding to file for bankruptcy is no easy decision. How will it impact the future of your financial stability? Will it wipe out all or just some of your debt? Will you lose property like a home or car? What are the different types of bankruptcies and what do they do? Continue reading…

What is Bankruptcy and What Can it Do For You?

From the earliest of times, lawmakers understood that sometimes bad things happen to good people and those people might need relief from their creditors. In the Old Testament book of Deuteronomy, Moses wrote: “At the end of every seventh year you must cancel the debts of everyone who owes you money” (see Deuteronomy 15:1). Eventually, the idea of allowing people to walk away from some or all of the debts they owe became known as “bankruptcy”. Here in America, the Founding Fathers also recognized this need and wrote at the very beginning of the U.S. Constitution that Congress shall have the power to establish “uniform laws on the subject of Bankruptcy throughout the United States”. Article I, Section 8. Continue reading…

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