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You are not much familiar to the new rules, introduced to the legal field. Thus, to make everything easier for you, it is better to hire a bankruptcy attorney. The lawyer has good knowledge on the bankruptcy filings.

Why bankruptcy filing is not easy?

The complicacy of a bankruptcy can depend highly on

Your filing scheme for the bankruptcy
Facts related to the case
Bankruptcy litigation
The decision of bankruptcy trustee on selling your asset
Your ownership of a business
The best lawyers may also represent various bankruptcy cases of the clients.

Your first session with the bankruptcy attorney-

The first step of the bankruptcy attorney in Mesa is they will speak to you about the details on bankruptcy process. You may take his help to have a view at all your assets and debts. The attorney will also assist you to know how the bankruptcy filings will be useful to you for solving your issue. The legal representatives have the right skills to take a different approach to deal with the situation. While you have a very high amount of debts, you may not get bankruptcy protection. You will be able to find out the potential benefits from bankruptcy case.

Financial duties of the lawyer-

To work on various bankruptcy cases, the attorney acquires the ability to manage and organize different financial statements and documentation. He is highly responsible to analyze and evaluate the financial files.

During the process of bankruptcy filing, your Bankruptcy attorney in Mesa enables you in gathering and preparing the essential paperwork. This paperwork is everything about your debts, assets and income. After filing all the documents, your lawyer will guide you at every step. He may also ask you to file some more documents within the right time.

Choosing the bankruptcy scheme-

By having a consultation with the attorney, you have to create the right scheme for bankruptcy filing. The attorneys play a role to help you in making decision. For instance, you never like to lose some of your assets. Thus, you can keep them for paying off your creditors. However, in some other instances, the attorney will help you in making a payment scheme that is affordable to you. The lawyers will make out various aspects, related to bankruptcy. They will identify the role of co-signers on the loan, falling under bankruptcy. You can file the bankruptcy case individually or with your spouse. In all these cases, you have to rely on the assistance of lawyer to find out the federal laws on bankruptcy.

The court hearing is one of the parts of bankruptcy case. You must also speak to the creditors or lenders. For all these processes, the lawyer represents you in the best way. He makes sure that you have pursued all your interests.

Your bankruptcy attorney knows everything, including the reaffirmation hearings and confirmation hearings. The attorney also represents you for objection hearings. He will instruct you on what you have to do during the legal process. He will also prepare you to face various queries during the court trial process.

The bankruptcy lawyer can represent the debtor or creditor. Thus, for any bankruptcy-related issue, you will get the solutions from your lawyer. You may file the case without lawyer. However, to win the case, you may rely on the attorney.

Others may be hoping to retire earlier because their current job is physically demanding.

Whatever your retirement goals, making sure you fulfil them is largely down to how much you have saved in your super. The government Age Pension may seem like a reassuring safety net, but it’s not really designed to fund the standard of living you’re probably hoping for.

With life expectancy for a 60 year old expected to rise from 86 for men and 89 for women now to 91 and 93 respectively by 2055, many of us will spend more than a quarter of our life retired.1 And as our population ages, it’s likely age pension entitlements will continue to change – making it more important than ever to be self-sufficient in retirement.

The life expectancy of Australians continues to rise, so you could spend more than a quarter of your life retired.

So when Retirement Financial planning you ask when can I retire?

The first decision you need to make is when to retire – and this will depend on many personal considerations. Start by checking your age pension entitlement age and ‘preservation age’ (when you can access your super) here.

For example, if you’re born in 1957 you’ll be eligible for the age pension at 67 but you can access your superannuation savings from the age of 55.

The amount of super you will need once you retire depends on:

the lifestyle you want
your health and medical bills
how long you live after retirement
any other one off or ongoing repayments or financial responsibilities.
The Association of Superannuation Funds of Australia (ASFA) Retirement Standard2 benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living when they retire, and is updated quarterly.

ASFA defines three levels of living standards, and assumes you own your home outright and are relatively healthy.

Comfortable

A comfortable retiree could afford a decent annual holiday in Australia and eat out regularly at good restaurants. You would be able to make home improvements, have a reasonable car and hold private health insurance.

Modest

A modest lifestyle could afford you short holiday breaks in Australia, with some cheaper eating out at local restaurants. You could repair your home but wouldn’t have the funds for any major improvements. You might have an older car and private health insurance.

Basic

If you need to rely solely on the age pension, you would find additional expenses such as car repairs, leaking roofs and holidays a challenge. Even heating bills could cause you financial stress.

How much money will I need?

According to the ASFA Retirement Standard, a couple that owns their home and is relatively healthy needs $34,051 a year for a ‘modest’ lifestyle. For more ‘comfortable’ this rises to $58,784 a year. You can take a look at how this budget works out here.

So as part of your Retirement Financial planning saving enough for a comfortable retirement could be a challenge for a couple on the average wage. According to a 2015 report from the Australian Institute of Superannuation Trustees (AIST), a full-time worker on average wages from 1992 (when compulsory super began) to 2014 should have super assets of around $131,000, based on compulsory employer superannuation contributions alone.3 So without additional voluntary superannuation contributions being made by that full-time worker, they are likely to have a significant funding gap between their current super assets and the amount they need.

Remember, the ASFA figures are benchmarks that exist to help you work out if you have the super savings to fund the retirement lifestyle you want, and everyone’s expectations are different hence why Retirement Financial planning is personalise matter. Another approach is to assume you need two-thirds of your current salary to keep living the same sort of lifestyle you currently have.

It’s never too late to save

Even if you make modest additional contributions to your super later in life, it could still make a difference to the type of retirement you enjoy.

So, if you’ve identified a difference between your super balance and the benchmark figures required Retirement Financial planning is a must.