Submitted by Erik Clark on Wed, 08/07/2013 - 8:55am
In re Suttice, 487 B.R. 245 (Bankr. C.D. Cal. 2013)
Securing Social Security
You may stop working, but the bills won’t stop coming. In retirement, some people live off of pensions and other kinds of retirement income. If nothing else, almost everyone receives Social Security benefits. Unfortunately, that may be too little.
The general goal of bankruptcy is to eliminate debt and provide a "fresh start" to those who have become overwhelmed by financial obligations. Many people erroneously believe that filing for bankruptcy means you lose everything but that would defeat the purpose of bankruptcy. Without a home, vehicle, or household goods and clothing it would be almost impossible to rebuild your life.
In today’s troubled economic times countless people are facing a wide variety of financial hardships. It can happen to anyone, no matter what your income or personal situation. Many times the financial hardship is caused by a disability, layoff, divorce, or simply just the cost of living outpacing the increase in income. If you find yourself drowning in debt, it is essential that you seek advice from an attorney who specializes in consumer bankruptcy to ensure that you learn about all your available options.
Congress changed the bankruptcy laws in 2005 by passing the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The press coverage surrounding the enactment of BAPCPA left most people thinking that bankruptcy was no longer a viable option for people struggling through financial hardship. Fortunately, for millions of consumers who have experienced difficulty since then, these reports were incorrect. Bankruptcy, now more than ever, is still one of the most common and effective ways to provide much needed relief for millions of Americans suffering from too much debt.
When people think about bankruptcy, they tend to become fearful or dread the idea. However, most of their fears are based on rumors or inaccurate information regarding how bankruptcy. Everyone's situation is different so you can't rely on what your friend or neighbor says about bankruptcy. Get the straight facts from a qualified professional. Here are some of the common myths about bankruptcy that we hear everyday.