Bankruptcy Today for Retirement Tomorrow

Most people plan to retire when they reach a certain age, and leave the stress of working everyday behind.  Retirement brings with it its own stresses.  Especially if you have not saved adequately to support your lifestyle.  Saving for retirement in today's economy may seem like an enormous obstacle.

People who are making their monthly payments, but have nothing left to put aside for retirement are some of the best candidates for bankruptcy.  Not putting money away for retirement now can lead to poor living conditions later in life or becoming a financial burden on your family.  The amount of money a family spends on just the minimum payments toward their credit cards, could instead be used to put quite a bit of money away for retirement.  Retirement savings, no matter the amount, can help ease the financial burden of getting older.  Retirement savings is next to impossible for people struggling with credit card debt.  Bankruptcy can help people start planning for the future instead of simply living paycheck to paycheck. 

Experienced bankruptcy attorneys can always go over all your options with you to determine if bankruptcy is the right path for you.  I urge everyone to look at their finances and if you simply cannot save any money for the future I urge you to contact a bankruptcy attorney today.  Filing bankruptcy to prepare for life down the road is not being financially irresponsible.  I argue that by planning for the future you are being financially savvy, and trying to correct a situation that could affect your quality of life in your later years. 

Alternatively one of the worst mistakes I see people make when they come into my office is throwing good money after bad debt.  I see so many people who have tried to dig out of their debt to no avail by emptying their 401k accounts.  These accounts are completely protected from creditors, and should not be used to pay current creditors.  Do not leverage your future for a short term solution today.

If you have questions regarding bankruptcy in Indiana please contact Jackson & Oglesby Law at (877) 489-0908 or visit us at www.IndyBankruptcyLaw.com. Jackson & Oglesby Law can assist you with all aspects of your bankruptcy case. If you have questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc. we can help! Please call us today for your free phone consultation to determine which bankruptcy may be right for you.

Will I Be Able to Get Credit After Bankruptcy?

Worried about obtaining credit after bankruptcy?  This is a common concern by many people contemplating bankruptcy.  Most people are scared that filing bankruptcy will prevent them from having any type of credit for the next ten years.  Nothing could be further from the truth.

This pesky myth has been around for quite some time now.  Most often people are told from well-meaning friends and family that if they file for bankruptcy they will never get credit again.  This is one
reason why seeking the advice of a qualified Indianapolis bankruptcy attorney is important.  Filing for bankruptcy actually decreases your debt to income ratio which makes it more likely that you will be able to get credit.  Bankruptcy allows an individual to manage new credit obligation by eliminating the burden of prior debt.  Most bankruptcy filers will start to receive credit card offers in the mail as soon as they have received their bankruptcy discharge order. 

Filing bankruptcy, especially in today’s economic climate, is no longer the financial death sentence that it might have been twenty years ago.  Today people who have filed bankruptcy are able to get car loans and refinance mortgages while still in an open bankruptcy case.  The majority of bankruptcy filers will be able to get car loans immediately following the filing of their bankruptcy petition or as soon as receiving their discharge in a chapter 7 case.

Creditors are now looking at bankruptcy as an invitation to extend credit to previously troubled people.  The fact that one has just filed bankruptcy will usually mean that person cannot file bankruptcy again for at least 8 years.  This makes someone who has just filed bankruptcy a much safer credit risk than they were previously.

We don’t recommend racking up credit card debt after filing bankruptcy, but an emergency card is okay.  It is also okay to use a card each month for things such as gas and groceries, but pay off the balance in full each month to help rebuild credit.  It is important that credit is used responsibly post-bankruptcy.  The bankruptcy will be a stepping stone to rebuilding credit, but responsible credit use is a key factor to rebuilding credit after bankruptcy.  By using credit responsibly after bankruptcy debtors will soon move on from bankruptcy and begin their new life with financial freedom.   If you would like to see how bankruptcy can help jump start your credit repair call an experienced bankruptcy attorney today.

If you have questions regarding bankruptcy in Indiana please contact Jackson & Oglesby Law at (877) 489-0908 or visit us at www.IndyBankruptcyLaw.com. Jackson & Oglesby Law can assist you with all aspects of your bankruptcy case. If you have questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc. we can help! Please call us today for your free phone consultation to determine which bankruptcy may be right for you.