Bankruptcy can protect many retirement accounts from creditors, but there are exceptions to this rule. Francesco Carta/Getty Images Debt has become an increasingly difficult issue to ignore recently, and that’s particularly true for millions of older Americans who are entering or will soon be starting retirement. In addition to high (and rising) inflation, credit card … Read more
Retirement accounts often carry important legal protections, but inherited IRAs follow a unique set of rules. Seksan Mongkhonkhamsao/Getty Images Few assets are protected as fiercely as a retirement account. Federal law walls off your own IRA and 401(k) from most creditors, and if you file for bankruptcy, that shield can stretch to over $1.7 million … Read more
A frozen checking account can be a serious issue, and it may not be the only asset a creditor attempts to reach. Getty Images/iStockphoto After months or years of missed debt payments and the subsequent collection notices and mounting financial pressure that come with it, many borrowers assume they’ll have plenty of warning before a … Read more
Creditors often focus on the assets that are easiest to access, but there are also limits to what they can take. Mohd Izzuan/Getty Images For many borrowers, the most stressful part of falling behind on credit card or personal loan debt isn’t the missed payment itself. It’s the uncertainty that follows. Collection calls, demand letters … Read more
Retirement income isn’t automatically beyond a creditor’s reach, but it’s also far from being fully exposed. Jamie Grill/Getty Images While many people enter into retirement and expect their expenses to stabilize, the reality is that today’s higher healthcare costs, rising insurance premiums and growing costs of everyday essentials have made that harder to achieve. Older … Read more
Retirees facing collection activity should understand which protections could apply to their income and assets. Pla2na/Getty Images Retirement is supposed to usher in an era of financial stability and predictability, and for some retirees, it does. But for many older Americans, the pressures of today’s rapidly rising living costs, coupled with their lingering high-rate credit … Read more
The debt settlement concept sounds straightforward, but the process behind it can feel opaque. Krisanapong Detraphiphat/Getty Images When you’re buried in debt, as a hefty number of borrowers are right now, handing the problem to someone else sounds like it could offer serious relief. And, that’s exactly what debt relief companies sell — the idea … Read more
Creditors don’t follow a single timeline for accepting settlement offers, but the timing of your offer still matters. Elena Safonova/Getty Images High borrowing costs over the last few years, coupled with other economic hurdles, like high (and now rising) inflation and a tough job market, have left many borrowers with balances that are harder and … Read more
Completing a debt relief program is a big step, but it doesn’t automatically close the door on collection activity. Wong Yu Liang/Getty Images A mix of record-high credit card balances, persistent (and rising) inflation, and elevated credit card rates is pushing more borrowers to seek help managing their debt right now. In turn, debt relief … Read more
The speed at which a creditor can garnish your wages after filing a lawsuit depends on numerous factors. PM Images/Getty Images The pressure borrowers are facing is increasing in today’s high-rate, inflationary landscape, and for some borrowers, their budgets are being stretched so thin that they can no longer accommodate every essential expense and debt … Read more