Why file bankruptcy? ’cause you’re growing older
By Cathy Moran, California bankruptcy lawyer on Jan 6, 2008 in Benefits of Bankruptcy
Regardless of your age today, someday you will want to retire. Further, you want that retirement to be comfortable and stress free. So, what have you saved to make that retirement happen? More than 30% of Americans have saved less than $25,000 for retirement.
To my mind, the needs of retirement are one of the most compelling reasons to seriously consider bankruptcy. If you are making no progress in paying down credit cards, chances are your future ability to retire that debt is no better than your success in the past.
Take a look at the exercise I did earlier here comparing making minimum credit card payments with putting the same amount of money monthly into an IRA.
The financial press is full of New Year’s discussions of saving and retirement . For many people, that saving can be made possible only by shedding debt that they can never, realistically repay. Get real, today, about your money so you can retire in the future. Bankruptcy is not just an escape from the past, it is the door to a better future, if you take it.
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