Social Security Benefits to be Protected in Bankruptcy

 Posted on April 29, 2013 in Bankruptcy

When it comes to bankruptcy in America, there is rarely an occasion that it is coupled with good news. However, there is a cause for a sigh of relief for millions of consumers.

The Ninth Court of Circuit Appeals has protected Social Security benefits from creditors that seek to retrieve any penny they can from bankrupt consumers. Most people who are bankrupt are already facing financial hardships which are not made any easier when faced with a fixed income. Many of these people are disabled or elderly. The court has determined that Social Security income would not be used or considered in a Chapter 13 repayment plan.

Bankruptcy attorneys all over the country are applauding this latest court decision. What this means to you, the consumer, is that when faced with the decision to file bankruptcy, you do not have to worry about losing your fixed income nor having it compromised by having it considered when determining the best bankruptcy plan for your situation.

No one wants to have to file bankruptcy and for most people, it is a last resort decision. This is the last hope before losing your home or maybe even your vehicle. This will also make it easier to recover from this bankruptcy and back on the right financial track.

If you have questions regarding the best bankruptcy program for your situation or the process itself, an empathetic and qualified Texas bankruptcy attorney can answer those questions. Your attorney will also provide the best advice to rebuild your credit as well as remaining in good standing once you are out from the enormous weight of being in debt. Contact us today!