Parents often struggle setting priorities. Too often, in their attempt to provide help to their children, they end up neglecting their own retirement planning until it’s too late. In a recent
As a bankruptcy attorney in
Now, not having all the information about the case, I don’t know if the Boyds have retirement plan accounts such as 401k’s or IRA’s. But, if they do have such accounts, the bankruptcy court will consider those exempt assets, meaning the Boyds can keep the money saved for their retirement rather than using it to repay loans. On the other hand, no matter how hardworking and deserving the daughter it, the court decided the parents needed to pay bills first, and think about being generous to their daughter later.
The bottom line here is that bankruptcy law is designed to give people a fresh start, not a head start. As for the adult children – well, they will need to find their own fresh start!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg