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Bankruptcy  Norfolk Virginia.  How to file bankruptcy in Norfolk.By John G. Merna

Individuals who choose to avoid bankruptcy generally will be poorer in retirement, fed study shows.

The Federal Reserve of New York (FRBNY) in a study researching the impact of the bankruptcy reforms put into place in 2005 revealed that trying to avoid bankruptcy has long-term financial penalties.

Amount the financial penalties are the loss of contributions to your retirement over time, which makes for a smaller nest egg come time to exit the rat race.  Many people in their attempt to avoid default or bankruptcy will mistakenly opt to either liquidate already accumulated retirement savings at a very high cost or divert monthly retirement contributions to pay debt instead of saving for retirement.

A small diversion of $300 away from retirement towards debt over a five-year period can  have an impact of between $170,000 to $1 million, depending on the age of the person and the interest rate projected.  The younger the person begins diverting funds from retirement, the greater the positive financial impact on their retirement savings.We are programmed to think paying our debt under any circumstance is the best decision.  How the negative financial impact of struggling with debt is clear:

  1. Poorer retirement;
  2. Pay more  in higher interest rates due to bad credit and have less access to credit;
  3. And, continued to vulnerability to collections actions including garnishments.

So does bankruptcy sound right to you? The Fed says it might be better choice.  Call us today for a free consultation 800-662-8813.  As my Dad says, “it is easy to be poor when you are young.  No so easy when you are old.”

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Keyword: Norfolk Bankrupcy, Hampton, Suffolk, Yorktown.

 

REQUIRED BAR NOTICE: THESE TESTIMONIALS DO NOT GUARANTEE SIMILAR RESULTS.

 The Merna Law Group, Attorneys At Law, P.C. …kind and friendly from the start!5 Stars! “Everyone there was kind and friendly from the start and helped us with everything in a timely manner. They were never rude no matter how much we called or asked questions.” Reviewed by B.P. of Virginia Beach on Feb 20 . 
 The Merna Law Group, Attorneys At Law, P.C. Didn’t have to worry about anything!5 Stars! “Just keep providing the type of service you do. You business values are based off reliability and service. Today’s Law Offices just don’t offer that kind of experience. Didn’t have to worry about anything!!! Just being able to go on with my normal life and know that all my issues are well taken care of is a relief in itself.” Reviewed by A.P. of Virginia Beach on Mar 4 . 
 The Merna Law Group, Attorneys At Law, P.C. …overall experience was outstanding!5 Stars! “My husband and I were very happy with The Merna Law Firm. They are well organized, time manageable, and friendly. I was even able to bring my children with me if I needed to. In court, they stayed right there beside us and answered all questions we had. Our overall experience was outstanding and I am glad we were represented by the Merna Law Group.” Reviewed by A.M. of Suffolk on Mar 5 . 
 The Merna Law Group, Attorneys At Law, P.C. …debt free!5 Stars! “A friendly staff and outstanding attorney who helped me through a difficult time in my life. Thanks to everyone at the Merna Law Group who helped me move on to and new chapter in my life debt free!” Reviewed by M.F. of Norfolk on Mar 8 . 
 The Merna Law Group, Attorneys At Law, P.C. …very helpful and friendly!5 Stars! “Everyone at the office was very helpful and friendly. The attorney answered all of our questions and helped us through the entire process. He was also very helpful answering concerns that we had after the process was completed/over. Highly recommended!” Reviewed by M.E. of Virginia Beach on Mar 11 .