Bankruptcy Attorney | Weik Law Office | Serving Raleigh, Durham, Cary, Chapel Hill, and Wake Forest, North Carolina

If you are thinking about filing a Chapter 7 bankruptcy, individuals who have retired file quite often. Many times, people think that they have enough money in savings to survive after retirement, but after a period of time, they find out that they have fallen short on their plans. Often, a medical problem or an unforeseen situation causes individuals in retirement to experience financial difficulty.

In a Chapter 13, a wage earner is defined as an individual with a steady, monthly income and retirement income, pension or social security is often used to help retired folks qualify to consolidate all of their debt.

If you are currently experiencing a garnishment, you will be able to stop a garnishment by filing a bankruptcy case. As soon as a Chapter 13 or Chapter 7 is filed, the Bankruptcy Court issues an order that prohibits a creditor from garnishing or levying any of your assets, including wages and income tax refunds.

The most common types of debt that cannot be discharged or wiped out in a Chapter 7 are student loans, back taxes under a certain period, child support, maintenance or alimony, credit card debt that was used to pay off back taxes, accident claims where there was a determination of intoxication, debt incurred by the willful and malicious injury to another, court fines and criminal restitution and certain co-signor liability if you want to protect a co-signor on the account. If you have this type of debt, it will not be eliminated. There are other types of debt that are non-dischargeable, but these are the most common.

To consolidate your debt under a Chapter 13 Plan, you must have a regular and consistent source of income. Monthly retirement or social security is often used to qualify.

When you come into the office, you will meet with an attorney who will perform a complete financial analysis. They will give you all of your options under both Chapter 7 and Chapter 13.

We have helped many individuals who are facing retirement and it seems that in the last few years, it is more common to see clients who are approaching the Golden Years. Times are tough, and often retirement plan are the first thing to be cut in a tough economy. It’s important to remember that you do have options. Retirement should be a time of enjoyment and peace, not a time of major financial stress.

The consultation is free. Call our office at (919) 845-7721. You will listen to a short information tape and then be transferred to a receptionist.