It's an all-too-common story: you've been saving for your retirement for decades. You made all the right choices. You pinched pennies. You invested well. And then, the economic crisis during the last five years wiped that all out.
Unfortunately, senior citizens on the cusp of retirement are not immune to debt. According to sources, seniors are the fastest-growing group seeking consumer credit counseling and debt management.
Bankruptcy is something that many people in Illinois are affected by. Chapter 7 or Chapter 13 bankruptcy can both be effective ways for people facing large amounts of debt to create a plan to get their finances back in order. In a recent case, an NFL player has filed for bankruptcy and is now waiting for his reorganization plan to be approved by the court.
In June of last year, the 41-year-old NFL player filed for bankruptcy after a number of business and real estate investments ended up being less lucrative than he had hoped. Because his current NFL contract only guaranteed him employment through the 2010-2011 season, he suspects his income could drop to $5,000 a month. If that is the case, his expenses would exceed his income in the next few years.
Continue reading NFL player files for bankruptcy, seeks debt reorganization
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