Even though the senior population in the U.S. is increasing, the number of older Americans being forced to file bankruptcy is even higher, according to statistics. Recent data shows that over 12% of bankruptcies being filed in the U.S. are households being headed by seniors. The culprit seems to be the cutbacks in these seniors’ social safety nets, such as more out-of-pocket healthcare costs and a decrease in government assistance. Experts only expect these numbers to increase as by 2050, one-quarter of the U.S. population will be older than age 65, compared to only 15% currently.
The process of filing for bankruptcy in Illinois courts can be a confusing and intimidating one. There are special rules that may not make sense on their face to average individuals and many procedures which require the guidance of an experience chapter 7 bankruptcy attorney to navigate.
According to a law review posted this year, the longer an individual delays in filing bankruptcy the more difficult it gets. This not only damages the person financially, but it affects his or her well-being or health. Once debt becomes unmanageable and assets start depleting, lawsuits for debt collection start piling up and people become unable to afford basic necessities. For this reason, it is important to understand the right time to file for bakruptcy.
According to new research, more seniors are facing financial crises than ever. Bankruptcy cases filed by Americans 65 years and older are increasing in number and that number is likely to keep growing. Some experts believe that it brings about a grave social issue worth looking into. This could be a result of rising medical costs, low savings, and dwindling pension benefits.
When your paycheck is garnished by the either the Internal Revenue Service (IRS), the Department of Workforce Development, or the courts, it can wreak financial havoc in your otherwise stable life. Furthermore, becoming gainfully employed should you lose your current job will be nearly impossible. Although, according to law, employers are not allowed to discriminate against an employee suffering from wage garnishment, disclosing that information on an application before you are hired may raise red flags.
Our team at Newland & Newland, LLP is proud to announce that we have been awarded the Better Business Bureau’s Certificate of Accreditation. Our accreditation period began in June 2018 and will continue through May 2020. We plan to continue providing top notch legal services to our clients and continuing to be BBB certified for years to come.
The Better Business Bureau (BBB) awards its Certificate of Accreditation to companies that exhibit its eight standards for trust. These are:
Discussing finances with your children is hard. Many parents avoid this topic because they feel it is taboo to discuss money and financial issues with their children, sometimes because they do not want the children to worry about the family’s finances and in other cases because they have been conditioned to view these topics as private matters. As a parent, it is your job to set your child up for financial success later in his or her life.
In a few earlier blog posts, we discussed Toys R Us’ struggle to stay afloat in today’s increasingly online marketplace and its subsequent decision to file for bankruptcy. Now, the company is closing all of its 800 stores in the United States, leaving approximately 31,000 employees without jobs.
Philadelphia Energy Solutions, the largest oil refining complex on the East Coast and provider of one quarter of all the gasoline supplied to East Coast consumers, recently filed for Chapter 11 bankruptcy. The refinery plans to continue operations as usual and does not anticipate interrupting its ability to supply gasoline at its current levels.