Minnillo & Jenkins, CO. LPA
Call 513-723-1600
For A No-Pressure, Free Consultation

Bankruptcy: Protecting against the burdens of debt in retirement

Dealing with high amounts of debt can be a stressful and taxing experience, regardless of one's age. However, for those who have entered retirement age, debts may pose a greater threat to their financial stability, as dealing with similar issues while on a fixed budget can be a challenging task. Individuals in Ohio who wish to safeguard this area of life could benefit from speaking with a bankruptcy attorney for guidance on how to reduce or eliminate debts.

While a person may spend years saving for this period of life, his or her strategy might not have included the possibility of entering retirement with substantial amounts of debt. In some cases, financial concerns could cause a person to consider dipping into retirement savings to pay off debts. However, this might not be advisable, as there could be tax consequences for similar actions.

Although those who have entered retirement might have less ability to earn income, pursuing a part-time job could prove helpful, and even if this isn't ideal, it may only be temporary. Even for those living on a fixed budget, there could be areas where a person can trim expenses to help cover financial obligations. In some cases, a person could also consider putting off retirement for a year of two in favor of entering the golden years free of debt.

Entering retirement with high amounts of debt is a major concern for many individuals. Those who wish to protect their futures from the potential consequences of debt could speak with a bankruptcy attorney for guidance on how to pursue some much-needed relief. An attorney in Ohio can address a client's circumstances and assist in forming a strategy to reduce or eliminate debts and safeguard his or her financial future.

Source: U.S. News & World Report, "7 Steps to Pay off Debt in Retirement", Rachel Hartman, May 17, 2018

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact us right now for a free bankruptcy consultation

NACBA - National Association of Consumer Bankruptcy Attorneys

Proud Member NACBA

We are proud members of the NACBA, a national organization dedicated to serving the rights of consumer debtors. Read More

Super Lawyers

Jenkins Named Super Lawyer!

Founding partner, Christian A. Jenkins, was selected by his peers and the media as a Super Lawyer. Read More

Cincinnati Office
2712 Observatory Avenue
Cincinnati, OH 45208

Phone: 513-723-1600
Cincinnati Law Office Map

Cincinnati Office
792 Eastgate South Dr
Suite 150
Cincinnati, OH 45245

Phone: 513-685-0612
Cincinnati Law Office Map

Fairfield Office
447 Nilles Rd
Suite 9
Fairfield, OH 45014

Phone: 513-795-0995
Fairfield Law Office Map

Covington Office
526 Philadelphia St.
Covington, KY 41011

Phone: 513-795-0995
Map & Directions