The concept of marriage may need to hire a new P.R. rep. As new marriages among millennials have seen a steady drop over the years, established marriages are not lasting as long as they once were either. One group in particular where the divorce rate has spiked is seniors. The trending term applied to these newly liberated individuals is “Silver Separators.” While many are enjoying their newfound relationship freedom, there could be some not too pleasant financial consequences to this later in life uncoupling.
Continue reading The Silver Separators: Financial Implications of Divorce After 60
aka – When Liquid Assets Leak Out
So what exactly is “Chapter 7 Bankruptcy?” Well…it’s not good.
The notorious yet somewhat arcane Chapter 7 is when you declare (yes, from the rooftops, in a joyous, mellifluous bellow!) personal bankruptcy, and any assets you possess are liquidated in order to settle your insurmountable debts. This is pretty much a last resort, when you’ve sunken into a financial abyss so grave that your only hope of escape is to relinquish all your worldly possessions. As the online legal symposium findlaw.com reports: “Bankruptcy will ruin your credit for some time to come.” What happens is, a legal “trustee” (this term makes them sound like someone comforting that you can confide in, but in actuality they can be viewed as rapacious reapers of all your remaining objects of worth) is put in charge of determining what you indeed do own and which of these things can be transmogrified into tangible cash. The end result is that you may now be utterly destitute…but at least you’re no longer in debt.
Sounds like either Dante’s 5th or possibly 6th stage of hell, correct?
Continue reading Facing The Final (Bankruptcy) Chapter: 7
Surprising Secrets to Living on a Fixed Income
Living off of $1,300 a month doesn’t sound like much fun.
That’s the average Social Security money allocated to eligible members (according to Market Watch). Surviving on such a relatively minuscule amount (taking into account today’s cost of living), is no doubt difficult, no matter what region of the country you live in. Luckily, there is a silver lining to this seemingly dreary financial cloud. Here are a variety of simple ways to make living on a budget work for you. Continue reading ALL’S WELL THAT SPENDS WELL