REWahoo
Give me a museum and I'll fill it. (Picasso) Give
From a USA Today personal finance article: Filing bankruptcy in retirement may not be such a bad idea
Elder Americans carry 50% more credit-card debt than their younger counterparts, the Michigan survey showed.
For many, bankruptcy carries a stigma of personal failure and shame. But sometimes, Salt said, it's their only option — and not necessarily a bad one.
Of course, the big question most seniors have when it comes to bankruptcy is: Will they take all of my retirement savings and leave me penniless?
"No," Connolly said. "Social Security and retirement accounts (up to approximately $1.1 million) are exempt from creditors so seniors will continue to have that stream of income."
If the above is accurate, which I question, why wouldn't a growing number of seniors deliberately run up a bunch of unsecured debt then declare B? This article makes it sound like a great way to get a free (OK, more like heavily discounted) lunch."The myth of bankruptcy is that you have to give up all your property and live under a bridge," Connolly said. "That's not fact. Most people don't lose anything."