THE WING TO FREEDOM FOR RETIREMENT, A FEDERAL SPONSORED SOLUTION TO DEBT

A recent article in the Wall Street Journal titled "Debt Hobbles Older Americans," revealed that millions of older Americans who had planned to retire in their early 60's have found it impossible due to mortgages on their homes, credit card debt, and the huge drop in value of their primary homes, and the collapse in value of their 401-K's.  Many have accepted the fact that they will be working for Walmart or driving taxis to make ends meet in their twilight years.  What a dismal prospect for the old American Dream.  Until the investment banker caused meltdown starting in 2007, older Americans could sell their primary residences at a good profit, downsize to a modest condo, or smaller home, put the profit from their home in a Treasury Note, and live on the interest, 401-K money, and Social Security, owed to them in a trust fund that they paid into for 50 years. Wall Street, along with 22 other culprits detailed in "Bailout Nation", wiped out that entire possibility for a dignified life that is debt free, in their twilight years.  There is a solution that can be signed by a Federal Judge, and sanctioned by Congressional Federal Law, it is called Chapter 7 bankruptcy.  This action should be seriously considered as a path to freedom after ones career has ended by choice or circumstances from the endless recession.  It should be a major part of retirement planning.  What does a senior actually need a home for, they are not raising children anymore and who is anyone trying to impress after the US economy was trashed by greed?  All of the David Ramsey "Debt Free" solutions are too late at that stage of life, they take too long and are for young people who need massive good credit for their future family.  If an elderly person has made way less than $40,000 per year, the past two years, due to the bank meltdown, or career collapse, or sales collapse, such as a real estate agent, they can qualify under a means test, for a complete discharge of all their credit card, business, and mortgage debt, with no federal tax consequences and no feedback lawsuits are possible from any banks or institutions of credit.  Hand the keys to the banks, they want all of the real estate in the nation anyway.  It costs from $1,000 to $2,500 for a good bankruptcy attorney, and can take as little in time as 6 months or less.  Definitely do a due diligence with an attorney on all of these facts.  The feeling of freedom, no bills for the first time since they got out of high school, will be a breath of fresh air, like landing on top of Mount Everest and seeing the world fresh and new again, like when they were born.  Then, with a wisely selected part time job, Social Security, and a paid off home, or downsized good rental, no mortgage, no payments to the banks, and one or two friendly letters in their post box with only dividend checks from a firm, life will feel free and fresh again.  The seniors can find a high amenity, low overhead town to live like Denver Colorado.  Rent there is 25% of their underwater mortgage cost in a resort town, with 50 times the amenities.  The process is completely legal, it works, and is approved and signed by a Federal bankruptcy judge at final discharge.  There should be no stigma to the act, and no guilt, unless a Judas Duck financial advisor is philosophically opposed.  The seniors should tell these Ducks that give out bad advice, to send a tithe to their favorite Wall Street Investment Bank, since they are working for and protecting the banks anyway.  Many famous people have used the solution, including Mark Twain, Burt Reynolds, Donald Trump, as well as numerous other movie legends, sports legends, titans of business, and thousands of others who have knowledge of the American System.  Good credit can return in 1 to 2 years.  Would a good credit union rather loan to an alleged millionaire, who has a $1,500,000 mortgage on their primary ski town home, or a zero debt senior who has cash flow which is guaranteed for life through Social Security, a treasury note with the US Treasury, and some dividend money coming to their post box, like clockwork?  "Ignorance is the curse of God, knowledge the wing wherewith we fly to Heaven."  William Shakespeare