Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

How Many People are Actually Saving for Their Retirement?

  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    I would love to but I can't. There just simply isn't money for anything but necessities right now. If this economy would turn around and people would start buying again, my business would be doing better and I could save for retirement.

    Can't wait for that to happen. Everytime it looks like the economy is going to bounce back, another shoe drops. We don't have any money, but we got plenty of falling shoes.

    California Bankruptcy Central


    • #17
      I was auntil I loat my job a year and a half ago. I will start back soon. I was setting aside 5% each week. My former company matched the amount I put in. I did loss a lot of money when the economy tanked, but hopefully soon I will be able to set money aside again.
      Chapter 7 filed on 4/23/2010
      341 meeting on 5/28/2010
      Discharged on 8/19/2010


      • #18
        Up until a few months ago we were contributing between 8% - 12% to hubby's 401K. We're only contributing 1% right now because we're broke but plan on upping the percentage again when our first 401K loan is paid off in March '11. I think our 401K balance was at $140K when we checked last month. We're in our late 30's and are hoping to have a nice nest egg when hubby retires.
        Last edited by jdcat; 06-03-2010, 11:01 PM. Reason: spelling
        Filed Chapter 7 April 29th, 2010
        341 June 1st, 2010
        Report of No Distribution June 2nd, 2010
        Discharged and Closed 8/10/2010


        • #19
          I consider myself quite fortunate as I am under a civil service retirement plan which was exempt. The only thing with filing for bankruptcy was having to work another 5 years instead of being able to consider retirement. The silver lining to having to work an additional 5 more years is it does increase my percentage of retirement pay when I do decide to go.
          Filed 11/10/08

          Discharged 2/18/14


          • #20
            Right now I am contributing 4% to my 401K at work. Once the bank forecloses on the house and I have to pay rent, I will have to lower that amount. Before I declared bankruptcy, I was only contributing .5% because I needed the money. Needless to say, I will be lucky if I can retire when I am 80.


            • #21
              the ONE and only thing that has saved us through this bankruptcy is the fact that we were "savings" poor our entire married lives...

              i was a strong believer in pension contributions...when we were young we both took out double the minimum amounts from both our jobs. we didn't have a dime to our names. also one of had the chose to contribute to social security or not...but we we double dipped on both of our salaries...that was 40 years ago.

              after one of us had retired (took an early payout), began a "new" career...and began the max on the 401 which was matched 100% by the employer so we took as much advantage as we could...however, when times got difficult took it ALL out to pay bills not understanding at the time it was exempt...oh well.

              i stick to this lesson with both my yourselves FIRST...period...end of excuses...NONE!!!

              after our bankruptcy has now been completed we will absolutely fine with our SS and pension funds...actually i just redid the budget and will be able to save at least 1500.00 monthly now. of COURSE we had to made many changes, but we are too old to recoup what we lost and now just have to do the best we can to save.
              8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! and all are welcome to bk forum's Florida State Questions and Answers on BK


              • #22
                WannabeFree, Our situation is similar like your. Waiting to file CH7 given up the up side down mortgage. Want to retire end of story


                • #23
                  I'm contributing 4% of my salary to my 401k. No discipline necessary when it comes out of your paycheck! When I get a 401k loan paid off in 3 more years, I'll be able to increase my contribution to at least twice that. I also increase the contribution when I get a raise, assuming the trustee doesn't want it. My raises are usually around 2%, so that is unlikely,
                  LadyInTheRed is in the black!
                  Filed Chap 13 April 2010. Discharged May 2015.
                  $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


                  • #24
                    Originally posted by LadyInTheRed View Post
                    I'm contributing 4% of my salary to my 401k. No discipline necessary when it comes out of your paycheck! When I get a 401k loan paid off in 3 more years, I'll be able to increase my contribution to at least twice that. I also increase the contribution when I get a raise, assuming the trustee doesn't want it. My raises are usually around 2%, so that is unlikely,
                    remember the days when a raise was 5-7%. nowadays one is lucky to even get the 2%.

                    our poor son in law is a teacher and they just dropped their pensions and dropped his salary 2.5%...if my daughter wasn't working with, and keep in mind this poor kid has a double masters and teaches special ed, well, now with that cut, they could apply and get welfare. (if she wasn't working). how sad is that?

                    i feel very badly for the kids starting out with student loans, it's so difficult to save anything after paying just essentials. of course, changing and readjusting your budget will always help, but, if jobs are not paying enough to allow for savings for our young folks, it's going to be a tough go for them.

                    and just an added special punch for dumb me...i used ALL MY 401 in attempt to catch up...and knew better but the guilt just got to me. i still can't believe i did that. ahhhh..
                    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! and all are welcome to bk forum's Florida State Questions and Answers on BK


                    • #25
                      Continue to invest whatever you can in a 401k/403b and/or IRA account or some other sort of high interest account. The reality of the matter is the majority of people will need to work until they die just to make ends meet.
                      The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.


                      • #26
                        Our retirement is a cup of hemlock.
                        How much does one cost?

                        Keep On Smilin'


                        • #27
                          Originally posted by HRx View Post
                          Continue to invest whatever you can in a 401k/403b and/or IRA account or some other sort of high interest account. The reality of the matter is the majority of people will need to work until they die just to make ends meet.
                          i think if you're young that's an excellent outlook. however, for us "older" (but in excellent shape) kinda sorts, we can't afford to gamble or take any risks whatsoever at this point.

                          i use to like the corp. bonds (of course rated AAA) would purchase them at par, they would yeild high interest until they were called. it worked at well when one was getting 8% for 5 years (it could have been a a 10 year bond, but they can always call them in at a certain point), and then when the bond got called you not only rec'd all the interest, but you get back your intinaial investment. those bonds...i laugh now, were usually, fanny mae, ford motor, b of a...etc. i haven't even looked at the bond market!

                          i do think though, it depends on what time you are in your life. we need income and not savings or to put it better income from our savings immediately, since we can't be in for the long haul, (unless we live another 20 years or more), which may not be the case.

                          i'm just getting ready to roll over some CD's for our HOA, i couldn't believe they were getting 0.05%...i just found them 2.5% which is a bit better. i was hoping for 3%. i have seen some come on's but they haven't een realized. then i saw 4.5% and called and then couldn't even give me a direct answer on what how where or whom...scary. so, i guess we also need to be careful nowadays as well. these online banks seem to pay the best interest, but i like to go into my bank ...that's just me. i can't jump into my puter!! LOL!!!!
                          8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! and all are welcome to bk forum's Florida State Questions and Answers on BK


                          • #28
                            Until recently - nothing - all used to pay, hopefully - say by end of year...goodly amount.


                            • #29
                              5 percent to my 401 which my company matches. Plan on upping that 1 percent a year over the next few years until eventually I increase to 10 percent.
                              Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
                              The rebuilding begins


                              • #30
                                What is the rule of thumb (%) for contributions made to a retirement plan while in chapter 7 or 13?


                                Unconfigured Ad Widget