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Bankruptcy: Keeping debt from impacting retirement plans

Dealing with significant amounts of debt can be challenging for individuals of any age. However, for individuals in California that are approaching retirement, there may be additional concerns to facing overwhelming financial obligations. Those who experience similar challenges may benefit from speaking with a bankruptcy attorney for guidance on the available options to help reduce or eliminate debts and regain control over their finances.

With fewer options to earn additional income, and the likelihood of living on a fixed budget, substantial amounts of debt could pose a significant threat to one's plans for retirement. Unfortunately, this remains a concern for many individuals, and similar concerns could lead some to consider dipping into retirement savings to pay down debts. A similar decision might not be advisable, and may only provide temporary relief for a long-term issue.

Other options that might be available may include refinancing a mortgage or opening a line of credit through home equity. However, one should use caution when choosing such a path, as there may be consequences in the future. A person could also consider pursuing relief through debt consolidation, but for those living on a fixed income, making the necessary payments may still prove a challenging feat.

With their financial future on the line, individuals who experience the burdens of debt at retirement age could benefit from seeking guidance in making informed decisions from an attorney. A bankruptcy attorney can evaluate a client's financial situation and provide advice on each available option for debt relief. An attorney can assist a client in California in forming a strategy to pursue relief through the necessary outlets and subsequently assist him or her in navigating the process.

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