Eric Klein Quoted in NY Times Article On Bankruptcy

by | May 18, 2015

Eric Klein, a South Florida lawyer concentrating in bankruptcy, divorce, real estate and family law, was recently quoted in an article published in the New York Times focused on how bankruptcy can help seniors protect assets. The article, Bankruptcy Can Help Seniors Protect Assets by Constance Gustke, discussed ways in which older Americans can benefit from declaring bankruptcy rather than allowing a downward financial spiral to continue if debt is piling up.

Since retirement income and savings are usually untouchable when paying back creditors under bankruptcy law, the article explained that filing bankruptcy may be one way to regain financial health for retirees and soon-to-be retirees. Additionally, retirees can usually avoid losing their homes through a homestead exemption. As Eric Klein explains in the article, “this is a way to keep your estate intact”, since the homestead exemption protects the equity of a principal residence in a bankruptcy.

Other recommendations for handling mounting debt were also provided within the article, such as trying to negotiate with creditors or even refusing to pay outstanding debt. Cautions about dipping credit scores and other effects of bankruptcy were also explained.

Get a Free Consultation

Read Some of our Other Recent Posts

Real Estate Terms your Attorney Wants you to Know

Having familiarity with some basic real estate terms benefits people that want to buy or sell a home. Uncertainty about rights, duties, obligations, and contracts can lead to expensive mistakes that can be avoided. Very few people, however, want to read books like The...

When to Hire Lawyers that Specialize in Name Changes

Changing your name in Florida does not necessarily require the help of lawyers that specialize in name changes. Chapter 68 Section 7 of Florida Statutes Title VI, Civil Practice and Procedures describes all of the procedures needed to do this. Follow the instructions...

Guide for Recently Divorced Men in Boca Raton Part I

When prospective clients contact Klein Law Group to have our divorce attorneys initiate or respond to proceedings, major processes of life-change are underway. These changes can have a significant impact on one’s finances, happiness, and health.  Though every person...