Retirement, Debt, and Bankruptcy in Arizona

Sometimes the older generations find it hardest to file for bankruptcy in Arizona. Though it is not easy for anyone, it seems especially difficult for this demographic. Many will go to unreasonable lengths to avoid AZ bankruptcy, even to the point of using their retirement savings to pay debts such as underwater mortgages, medical bills, or unmanageable credit card balances.

Do Not Use Your Retirement Savings to Pay Debt

Some people have liquidated their 401K plans or IRA accounts trying to stay afloat with a level of debt that is simply unmanageable. Some have taken out home equity lines of credit (HELOC) to pay down debt. The problem is that these measures may not solve the immediate financial problems, and will certainly leave these people with future financial problems, having depleted their retirement accounts. In this case the long term problems should be far more frightening than the possible need to file for bankruptcy.

Talk to a Qualified Bankruptcy Attorney

If this sounds like your situation, you should consider talking to an experienced bankruptcy lawyer as soon as possible. Your retirement savings may be exempt assets in a bankruptcy. Your home equity may be exempt in a bankruptcy. Also, any social security payments you receive are probably excluded from consideration as a source of income.

You have everything to gain by consulting with a bankruptcy attorney. By filing for bankruptcy in Arizona, you may be able to ease the pressure of repaying current debts while at the same time preserving your future retirement standards.

We Understand Bankruptcy in Arizona

At Radix Law, in Phoenix and Scottsdale, Arizona, we understand just how hard it is to make the decision to file for bankruptcy. We can help you understand the important details that will make your future a brighter and more secure place free from the worry of a debt burden that you are struggling to repay.

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