Archive for January, 2011

Spike in Disability Claims Clogs Overloaded System

Nearly 2 million people are waiting to find out if they qualify for Social Security disability benefits. It will be a long wait for most, even if they eventually win their cases.

The Social Security system is so overwhelmed by applications for disability benefits that many people are waiting more than two years for their first payment. In Ohio, Michigan, Minnesota and other states, the wait can be even longer.

The Social Security commissioner, Michael J. Astrue, says the delays are unacceptable, ...

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Bankruptcy and Social Security Benefits.

I filed for Chapter 13 bankruptcy after being laid off. Do Social Security benefits count as income in bankruptcy, or are they protected?

Your benefits are protected. Social Security is excluded from the calculation of disposable income when setting up a debtor repayment plan.

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Machi & Associates TV Commercials

Many of our TV Commercials can be found on YouTube.

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How Long Will Social Security Disability Benefits Continue?

I am 56 and receive Social Security disability benefits. At what point will I switch to regular Social Security? Will the monthly amount change?
When you reach full retirement age, your disability benefits will automatically convert to retirement benefits. The amount will remain the same.

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Bankruptcies Up for Older Adults

When the economy tanked in 2008, Alvin Ferdinand depleted his retirement nest egg and maxed out his personal credit cards trying to save his Michigan business. At age 64, he says, he had no choice but to file for bankruptcy, losing the three assisted living facilities he owned and administered.

Irene Froehlich, 61, dutifully paid her credit card bills on time, even after her commission-only income fell by 75 percent two years ago. But when the credit card companies ...

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