When planning for retirement, no one anticipates the foreclosure of their home. In a recent study, one and a half million Americans over the age of 50 has lost their home to foreclosure between 2007 and 2011. Of those Americans, the highest foreclosure rate was for homeowners over the age of 75. Not only does this put a dent in retirement plans, but it can leave foreclosed upon homeowners struggling and looking for security into old age.
There is a wide-reaching effect on employees, board members, owners and customers when a company decides to go bankrupt. When a business declares bankruptcy, there are a variety of side-effects that impact people associated with the company. Customers lose confidence in the product, business owners must recompose themselves financially and employees of the company can watch years of savings disappear.