On January 22, 2011, the amount of equity that an individual homeowner in New York State can protect from creditors in bankruptcy shall increase from $50,000.00 to $150,000.00.
This increase could prove to be a major benefit to boomers and retirees in our area who may:
...own their home (including coops and condos) free and clear or have a substantial equity position in their home;
...are either on a fixed income or are at an income level that would qualify them for a Chapter 7 Bankruptcy under the Means Test;
...have considered bankruptcy because of the burdens of credit card and/or other debt obligations, BUT
...have been previously ...
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Will Generations X & Y Ever Retire?
Young working adults are facing a tough financial future. According to Yahoo.com, an early or even on-time retirement is not looking realistic for today’s youth. According to the article, 10% of 2008 college alumni graduated with $40,000 or more in student debt. In addition, the median income for 25-to-34 year olds in 2009 was $50,199, which is 7.6% lower compared to 10 years prior and adjusting for inflation. As of right now, there are three challenges facing Generations X & Y in retirement:
Pension, What’s that? - Many employers are not offering sponsored defined benefit plans to employees anymore, which would guarantee an income to ...
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Is Bankruptcy a Failure or Good Financial Planning?
In my 22 years as a consumer and business bankruptcy attorney, I have represented over 5,000 clients. I can honestly say that not many of these clients have had a good financial plan. If they did, they wouldn’t be in my office speaking to a bankruptcy attorney. One common mistake is taking money out of 401k plans or IRA in order to pay off credit card debt. Retirement funds like 401ks and IRAs are 100% protected from both creditors and bankruptcy trustees. The only way that creditors can touch that money is if you voluntarily remove it from your account and give it to them. Many of my clients, prior to speaking with me, have taken money out ...
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What Makes Me Different From the Others?