Bankruptcy Can Help You Plan for Retirement!

Instead of paying credit cards, you should be paying yourself!

Check out this article written by Peter Francis Geraci and more articles at!

Most Americans know nothing about bankruptcy law even though it is in the United States Constitution. They don’t know how to get rid of their debt. That is no accident, since all the financial education courses, when they are required in high school, deliberately do not teach anything about bankruptcy law. You can take my debtor education course by logging onto, or more if you want to spend two hours getting educated.

One thing I teach in my debtor education course is that you should start worrying about retirement early. If you don’t have at least your annual salary saved up by age 30, you are not on track to retire by age 67 very few Americans have their salary saved up by age 30. Very few are putting 5000 or more into an IRA every year but a lot of Americans are paying 5000 in credit cards minimum payments every year.

So if your credit card minimum payments are $500 a month, that is 2% your credit card debt, is probably around 25,000. If you file a bankruptcy case, or chapter 7 for immediate discharge, or chapter 13 to repay with no interest, sooner or later you will have no credit card debt, and can put that 500 a month in an IRA you will have $6000 a year. That means in the next 10 years you will have at least $60,000, even if the IRA does not increase in value.

Some financial educators also say that by age 40 you should have three times your annual salary saved. Another rule of thumb is to multiply your living expenses at 25 to see how much money you will need to retire, and last 25 years in retirement. Here’s how that works: if your expenses are 2000 a month or 24,000 a year, five times that is about $600,000. So by the time you are 65 years old should have $600,000 saved. I can you possibly do that? Well if to save $6000 a year or 30 years just to get $180,000. But if you invested 6000 a year and a dividend paying stock, paid a 4% dividend, would get the benefit of compound interest, and possibly also an increase in the stock price, and over 30 years your money just might triple.

If you are paying $500 a month in minimums and credit cards you will pay the credit cards off in about 22 years. That’s a lot different than having hundred $80,000 in savings 20 years from now, isn’t it? That’s why people that file bankruptcy truly get a fresh start, if they take my debtor education course, they learn how to retire with the pension or IRA of at least $200,000. More information is at

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 35,000 5-star reviews 5starsince November 2016!


Author: Elizabeth Doren Paralegal at Geraci Law L.L.C.

I am a paralegal at Geraci Law L.L.C. (the greatest consumer bankruptcy law firm that ever was or will be!) I talk to thousands of people who are struggling financially.

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