Often, people come to their initial consultation feeling defeated because their finances have gotten away from them. When you are in that mindset, it’s hard to even imagine planning for the future when you can’t financially handle the present. Practically, when you are struggling to pay the bills in Aurora or Centennial, you are likely not saving anything. So, what happens when you hit retirement age? Filing Chapter 7 or Chapter 13 bankruptcy can actually be part of your retirement planning. Let’s take a closer look at how filing bankruptcy can assist you in planning for your retirement.
How Will Filing for Chapter 7 or Chapter 13 Bankruptcy Help with Retirement Planning in Arvada and Parker?
When all your Arvada or Parker income is going toward your bills, you won’t have anything left for saving or retirement planning for the future. Let’s say you have credit card debt in excess of $20,000. If you are paying $500/month toward this credit card debt, with interest considered, it will likely take you over 8 years to pay off this debt. And that’s only if you don’t add any other credit card debt along the way. Imagine if you were able to put that $500/month into a retirement fund. In the same amount of time it would take you to pay off the debt, you could have saved almost $50,000 – not including interest earned!
Bankruptcy and Retirement Planning: Bankruptcy Gives You the Freedom to Save
For a Chapter 7 bankruptcy, your unsecured debt, like credit card debt, can be discharged. In a Chapter 13 bankruptcy, your unsecured debt is consolidated, and you will make monthly payments for 3-5 years and then the remaining debt will be discharged. Either way you look at it, you would be ahead of the game. You can start saving for retirement immediately upon your debt discharge with a Chapter 7 bankruptcy, or in a few years with the Chapter 13 bankruptcy. If that sounds like music to your ears, experienced bankruptcy attorney Barry Arrington is here to help. Call today to start planning for your future.
If you are ready to financially plan for your future and think bankruptcy can help, call the best bankruptcy lawyer Barry Arrington at 303-205-7870 to schedule your free consultation and begin your journey toward financial freedom.