Bankruptcy and Social Security Retirement

Everyone who has contributed to Social Security for long enough is entitled to a pension from the Social Security Administration when it comes time to retire. Although Social Security income is very useful, it is often not enough for retirees to live comfortably. Without the additional help of a retirement account or work pension, living on a limited income makes it easy for debts to get out of control. If you are struggling with heavy debt, bankruptcy can offer relief.

Filing for bankruptcy protection isn’t an admission of failure, as some people like to think. It’s a legal institution designed to help individuals and businesses take control of their debt. Filing for bankruptcy immediately stops creditors from harassing you by phone and mail and can eliminate most kinds of credit card debt.

Although filing for bankruptcy can mean losing some of your money or property, the money you receive from Social Security is protected. Creditors, banks, and other private parties cannot take any of your Social Security. In fact, there are very few circumstances under which it’s legal to take someone’s Social Security at all.

Anyone can lose control of debt when sudden life events happen, such as loss of a job or expensive medical bills. With the economy in bad shape, people of all walks of life are turning to bankruptcy as a way to repay their debts before creditors take control of their lives.

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It is never too late for a fresh start. If you are struggling with heavy debt, bankruptcy can offer you a way to pay off your debts now without putting your Social Security at risk. Boston bankruptcy lawyers of Joshua Spirn & Associates have decades of experience helping clients of all kinds sort out complex cases. Contact us today at 800-975-5346.