The Dallas Morning News surveyed 1,014 residents of North Texas about their economic fears. Surprisingly 52 percent stated that they were worried about losing their retirement savings.
According to the article, retiree Libbie Baxter has had to live on a “survival” level due to fluctuations in her retirement fund:
“I lost more than two-thirds of my retirement when the stock crashed just before I turned 65 this year,” said Mrs. Baxter of Mesquite. “It was quite devastating, but there’s nothing I can do about it. You have to learn to live with what you’ve got.” She and her husband live on her Social Security benefits and his income from his job with the state. “We can’t have any extravagances, but we survive,” Mrs. Baxter said.
I wonder how much of this retired woman’s income goes to paying debt that could have been discharged in bankruptcy. So many debtors, especially those in their retirement years shun bankruptcy as a way to handle debt and help them maintain a lifestyle that is above surviving. Bankruptcy is a viable, legal and ethical option for retirees who are facing mass devaluation in their retirement accounts and mounting bills and debts. Bankruptcy can help retirees retire credit card debt , outstanding medical debt and other bills while simultaneously protecting their assets in their golden years. If a retiree or a person reaching their retirement years is finding it difficult to repay debt and maintain a decent lifestyle they should seriously consider bankruptcy.