4 Things Seniors Should Know About Declaring Bankruptcy After You Retire

You are sure of certain things in your working life: growing older and accumulating all your savings in the bank. Many seniors desire to reach their retirement age with enough savings in their accounts to sustain a comfortable life. 

However, that is not the case for those who retire with debts. Faced with increased healthcare costs, decreasing pensions, low income, and high tax rates, seniors have to rely on what they have in the bank and social security. 

When there is an imbalance in their savings and debts, they opt to file for bankruptcy. While the procedure helps relieve them of some cash straps, there are other concerns to consider.

Chapter

There are two key consumer bankruptcy protection types: Chapter 7 and Chapter 13. When you file bankruptcy with Chapter 7, you don’t have to deal with a debt repayment plan. 

Instead, all of your assets are liquidated and used to pay off as much of your debt as possible. If the value of your assets doesn’t cover the entirety of your debt, the remainder is dismissed. 

When you file bankruptcy with Chapter 13, you retain all your assets but commit yourself to repay your creditors a certain amount of money in a period of three to five years. The courts will decide on a payment plan for you.




When you file, you get to choose which type of bankruptcy to choose. However, there are some limitations to this. There is a means test to decide if you qualify for Chapter 7 bankruptcy. If your income is too great, you will be required to file for Chapter 13 instead.

Assets and Exemptions

Seniors should weigh the effect of declaring bankruptcy on their assets. All states have particular laws governing what is exempted during a bankruptcy case. 

Depending on where you reside, you can substitute federal exemption guidelines. Some of the assets that would likely be exempted in your case include a vehicle, home equity, clothing, and work-related equipment. 

Each exemption is associated with a certain amount of dollars. Homeowner retirees should pay attention to their state rules on homestead exemptions. Several states allow you to exempt a certain amount of money for your home value, while other states let you exempt any amount.

Retirement Income

As mentioned earlier, if you don’t qualify for Chapter 7 bankruptcy, you will have to file for Chapter 13 bankruptcy instead. However, one thing to keep in mind when doing the means test is that your social security compensation is not considered income, which can make it easier for seniors to qualify for Chapter 7. 

Additionally, pensions, 401k plans, annuities, and a certain part of a traditional or Roth IRA plan will all be exempted.

If you’re not sure whether bankruptcy is right for you or which type of bankruptcy you should file for, talk to a bankruptcy attorney. They can give you advice about what would best fit your specific situation. They can also help you in filing and working with the courts.

Filing for bankruptcy in your retirement is beneficial if you have substantial debt and do not have enough income to cover it. Contact a bankruptcy attorney for more information. The attorney will explain the legal process of filing for retirement bankruptcy and how to avoid penalties.

4 Services You Can Get Bundled for Discounts and Savings

We need. We click. We buy. Repeating that cycle over and over can lead to having a different provider for every service you use. 

Bundling some of your services into one provider can offer you discounts and savings along with reducing the number of bills you have to remember to pay each month. Here is a list of four services that you can bundle to get a lower total price.

Home and Auto Insurance

You bought your car insurance policy when you purchased your first car. You bought your home insurance policy when you purchased your new home. 

Bundling those two policies with the same insurance company could save you as much as 25% off each policy. Some insurance companies will even bundle the monthly bill so you only have one deduction per month to keep up with. 

Even if one of the two policies has a higher rate than you are paying now, you may save more money over the year by having both policies with the same company.

Home Internet and TV

Even if you no longer have a home phone line, bundling your home internet and cable TV service could save money on the monthly price of each. 

Even if a standalone internet service provider offers you a lower rate for internet service, the savings you receive off of your monthly cable TV bill by bundling these two services with the same company might offset the difference. 

For example, Spectrum Cable TV packages offer a much better rate on internet service when it is bundled together with TV service. Even if you do not need a home phone line, bundling these two services alone could save you hundreds per year.

Home Internet and Cell Phone Services

Verizon, AT&T, and Sprint are no longer the only big games in town. Some regional home internet providers now offer cell phone service using the same 5G towers used by the larger cell service providers. 

Home internet providers such as Spectrum now offer cell phone plans. You can get a discount on the plan without having to purchase a new phone or change your number.

Streaming Services

Some internet streaming services can now be bundled offering an overall discount over a la carte services. Hulu now offers a bundle of Hulu, ESPN+, and Disney+ that is cheaper than purchasing each of these services separately. 

Depending on the packages you subscribe to now, you may be able to get all three for less money than you may be paying for just one of these streaming services.

Talk to your family and friends to see how they have saved money bundling services. Investigating and getting quotes does not cost anything. Doing nothing can cost you hundreds.

What are the Steps to Maintain a Good Credit Score?

Consumer credit scores are difficult to comprehend, but if you own or want to own a company, you'll need to take in even more detail. Much like companies receive a credit rating dependent on their individual creditworthiness, they also have a credit rating to show their overall credit health. 

credit scores are used in the same way as personal credit scores are. So, for example, if you apply for a business credit card or choose to deal with a credit-extending vendor, your Creditsafe business credit report will be used to assess your creditworthiness, as well as your interest rate and loan terms.

Like personal loan ratings, higher business loan scores are often better to achieve the best business loan rates and conditions.

How to verify the credit value of your business

You should know if you are wondering how you can verify your business credit that many third-party companies allow you to access an online business credit report. 

Every provider can view a version of Creditsafe business credit report, and some provide many packages that allow you to access more credit functions and details.

Maintaining a good business credit score in 6 easy steps.

#1: pay your bills on time if you own a company.

To improve your personal credit score, you must pay your loan EMIs and credit card bills on time. The same can be said for a company's credit score. 

Late payments hurt your credit score, making it difficult to get a business loan, line of credit, or credit card.




Paying your bills on time is one of the most effective ways to increase your credit score. Defaults, late EMI fees, and bounced checks all lower your credit score. 

Paying your bills on time not only boosts your credit score but also lets you keep good relationships with suppliers and other creditors.

#2: attempt to keep your credit card balances as low as possible.

A strict rule of thumb is to keep the company's credit utilization ratio under 30%. For example, let's say you have an Rs. 10 lakh overdraft from your deposit. Ideally, you should not use more than 30% of your usable credit (Rs. 3 lakhs). 

For example, if you drew Rs. 3 lakhs from your available OD cap, it's a good idea to repay the sum borrowed before making any more withdrawals.

When your credit utilization ratio exceeds 30%, your credit score begins to decline. However, even if you have to withdraw a greater sum, your credit score will improve if you repay the loan on time.

#3: maintain a low level of business debt.

Liabilities on your credit report include credit card balances, term loans, and other credit lines. The more loans you take out, the worse your company credit score will be. 

Lenders are hesitant to give loans to companies that have a lot of unpaid debt. So try to repay older loans as soon as possible to boost your credit score.

#4: take time for short-term EMI loan & repay.

This might seem to be counterintuitive but bear with us. Taking out a short-term business loan and repaying it on time shows the credit bureau that you can responsibly manage credit. 

This will help you improve a bad credit score. However, before implementing this tip, make sure you repay older loans.

#5: do not cancel old cards.

In deciding your loan score, your credit history plays a key role. An older credit card/other credit account is continuity and represents the confidentiality of your company suppliers and sellers.

The older a loan account, the higher its effect on your loan value. If an old credit card is canceled, the corresponding credit record is erased. Therefore, when determining the credit score, this background cannot be used.

It's always advisable to close the new credit cards if you have more than one company and want to cancel a few to minimize their effect on your credit score.

#6: periodically check your credit report and report for any errors

You have to correct this surveillance if you are one of the thousands of company owners who don't routinely track their companies' credit rates. 

At Creditsafe, you can check your business credit score. Provide some simple business information, and in a few minutes, you can obtain your new credit value and credit report.

You should check your business credit report regularly as a business owner. Check for errors or inaccuracies. Even a minor error like a wrong mobile number in the credit report will affect your company's ranking. If you find any errors/inaccuracies in your credit report, report it and correct it as soon as possible to the credit office.

Finally, maintain intact your credit value.

If you have a new company or a proven company, most lenders often examine your personal credit before granting loans. Make it easier to handle the company's cash flow and keep your business and personal finance apart. Get your company credit card and not use it for household/personal expenses to pay your regular costs.

Keeping a decent Creditsafe business credit report increases the chances of achieving the best possible price for business finance.

Tips for Dealing with the Aftermath of a Car Accident as a New Driver

One thing you may have to deal with as a first time driver is getting in an accident. It can be scary to be involved in a car accident. 

If you know what to do, then it will be a lot easier for you to cope with the aftermath of it. You should take the following steps after an accident.

Make Sure Everyone Is Okay

The most important thing that you can do after an accident is to make sure that everyone is okay. Call an ambulance if you suspect that someone is hurt. 

Turn on your hazard lights to let other people know that there is an accident. If it is safe for you to do so, then you should move your vehicle to help prevent another collision.

File a Police Report

Even if the accident wasn’t serious, it is still a good idea for you to contact the police. Filing a police report is a really important step in the aftermath of an accident. 

Your insurance company will likely ask to see a copy of your police report before they give you any type of compensation.

Exchange Contact Information with the Other Party

If there was another person involved, then you should get their contact information. This includes their name, address, driver’s license, phone number, and insurance information. 

Additionally, you need to get their car information, such as the make and model of the car as well as the license plate number.

Contact an Attorney

Negligence is a common factor in many accidents. That is why it is important for you to contact a truck accident lawyer. Your lawyer can help you get compensated. This is an important step, especially if you have sustained any type of long term damage from the accident. 

Getting your medical bills paid for is an important step in filing an accident claim and can really help if you are unable to pay your medical bills yourself.

Take Care of Your Emotional Health

A car accident can take an emotional toll on you. Many people experience post-traumatic stress disorder after an accident. You can take care of your emotional health by talking to a loved one or counselor. 

You will also need to stay active. Additionally, you should follow up with your primary care physician. They can help you recover emotionally and physically.

The thought of getting into a car accident scares many new drivers. Fortunately, there are several ways that you can deal with the aftermath of an accident. You need to make sure that everyone is okay and contact the police. 

You and the other driver should also exchange contact information. Furthermore, it is important to call an attorney and take care of your emotional health.

How to Sure Up Your Finances After a Familial Loss

Losing a family member is a terrifying experience regardless of your financial status. Whether through an illness, an accident, or wrongful death, the moaning process is overwhelming. Numerous factors count, including financial implications when a spouse or any other family member dies. 

Understanding how to maneuver financially reduces the pressure and accelerates the healing process. Here are tips to help you in overcoming the trauma.

Take a Break

Losing a family member brings confusion that can force you to make hasty decisions. Selling your home and moving away to another place may seem right at such a time, but it is not. Take a break and give room for grieving. Learn to accept the change and adjust to the new reality.

Find Professional Help

When a death occurs in your family, it is hard to think straight, which is why looking for professional help comes with a significant impact. Consult a grief counselor with whom you can confine. 

A financial expert also comes in handy since you might have crises pursuing compensation from insurance companies and collecting or settling debts.

If the deceased died under unclear circumstances, consult a wrongful death attorney. The lawyer will help you in claiming damages. Find such an expert if your family member died due to negligence, omission, or even wrongful act of another person, for instance, a doctor. 

The laws governing a wrongful death vary from one state to another, but your attorney understands what is at stake. In most instances, you will receive an estimated lifetime income, besides them covering medical bills and funeral expenses.

Weigh your Financial Status

Have a clear understanding of the amount of money you will be earning moving forward. It is prudent, especially if you lost your spouse, who was supporting you financially. 

Analyze the financial changes and adjust where necessary. Perhaps you will get more money courtesy of the inheritance and insurance funds, but that takes time to process.

Confirm the Medical Bills

Mostly, the deceased leaves a medical bill, especially if they spent much time in the hospital. Involve an insurance expert to scrutinize the bills and analyze the possibility of your insurance cover footing the medical expenses. Find out if there is any extra money you need to pay and if there was excess payment.

With a proper plan and knowledge of who you need to reach out to, it is less stressful to go through the briefing process. The emotional and financial strains are manageable with the right approach. Understanding your position as the bereaved is the first step to making the right decisions.

What People Won't Tell You But You Need to Know About Taxes and Retirement

Whether you have only recently retired or are preparing to do so in the next few years, chances are you may not feel as confident about the years ahead as you had hoped. 

From worrying about whether you have saved enough money to hoping you don't incur a major healthcare bill, these and other issues could greatly impact how your retirement plays out. Couple these issues with taxes, and you've got a mix that will undoubtedly keep you up at night worrying about this and that. 

While you may have read plenty about taxes and retirement, here are a few things you may not have known about but should regarding your taxes and retirement.

Social Security Can be Taxed

If you are not careful once you retire in regards to your provisional income, your Social Security benefits can be taxed up to 85%. Currently, if you are an individual making over $34,000 or a couple with at least $44,000 of income, expect the government to come calling with its hand out at tax time.

Take the Larger Tax Deduction

Once you turn 65, take advantage of the largest tax deduction to which you are entitled. If you are consulting with tax attorneys prior to or following your retirement, pay close attention to the standard deduction increases for individuals and couples, which are expected to be $1,300 and $2,600 respectively.

Keep Contributing to a Roth IRA

Even though you won't be able to continue making your contributions to a traditional IRA once you are halfway between ages 70 and 71, you can still keep on making contributions to a Roth IRA. 

Actually, there are no age limits on this, meaning you can make contributions as long as you wish. Also, don't forget that only after-tax dollars are contributed to a Roth, with qualified distributions always being tax-free.

Choose Carefully Where You Live

Like many people who retire, you may be looking to move from your current location to perhaps a new state. If you do so, make sure the destination you select is one that is very tax-friendly to retirees. 

For example, nearly 15 states impose taxes on Social Security benefits, while others have high income tax rates, sales taxes, and property taxes. If you're working closely with an attorney in planning your retirement, make this part of your discussion.

Rather than be one of the many who comes to retirement with more questions than answers, start planning as soon as possible to ensure your retirement goes exactly as you expected.