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Retiring without the burdens of debt through bankruptcy

Many individuals in Oregon and elsewhere have placed a great deal of thought into their retirement. With years of saving and planning under their belts, one might not want to let anything affect his or her preferred retirement age. However, with consumer debt on the rise, many are entering this period of life with overwhelming financial burdens, some of whom may find it advisable to consider the potential benefits of filing for bankruptcy.

Mortgage and credit card debt are a serious concern for many, and each can have a significant impact on one's ability to retire. With the high interest rates of credit cards, even those who have invested in their future can fall behind, as monthly dues may take up a substantial portion of the benefits he or she receives. Dipping into retirement accounts to pay for debts can prove detrimental to the future, and may only be a short-term fix to the issues at hand.

When facing similar hardships, a person might attempt to take certain measures, such as cutting back on expenses or downsizing living arrangements, to overcome financial challenges. While this may help in some cases, the relief may only be temporary, leaving one in need of a more long-term solution. Those who wish to avoid suffering a disruption to their plans for the future may find it advisable to seek guidance on the available options for relief.

With numerous options available, each of which potentially having varying outcomes, speaking with someone with extensive knowledge in the area could prove crucial. A bankruptcy attorney can evaluate a client's situation and provide advice on the best course of action with which to proceed. By speaking with an attorney, a client in Oregon could obtain assistance in pursuing a brighter financial future, which may assist in keeping retirement plans on track.

Source: Forbes, "How Debt Is Threatening Retirement Dreams", Nick Clements, Sept. 20, 2017

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