No Immunity to Bankruptcy

via Financial Post | August 24, 2010

There’s been a fair bit of propaganda lately about it being acceptable to carry debt into retirement, including home mortgages. I don’t recommend this myself, but let’s take this thinking further. Does it ever make sense for retirees to go bankrupt?

It happens more often than you think, particularly if pensioners get stiffed when employers break the pension promise. No surprise that 2009 was a record year for bankruptcies in Canada. Following the 2008 crash, people of all ages were hurt in their investments, but seniors especially so, since they had more to lose and their wealth-accumulating years were behind them.

For full article at original source.

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