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Social Security is funded through the Federal Insurance Contributions Act tax (FICA), a payroll tax. [12] Employers and employees are each responsible for making tax payments of 6.2% of wages in 2018 (12.4% total) as FICA contributions, typically withdrawn from paychecks.
Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
Image source: Getty Images. 7. Trump is a big fan of operating efficiency. Like his predecessors, the incoming president has taken a predominantly hands-off approach to Social Security.
Defaulting on a loan means that you’ve violated the promissory note or cardholder agreement with the lender to make payments on time. Filing for bankruptcy, on the other hand, is a legal process ...
Some narrow classes of payments, for example, social security, are excluded from these figures. Notably, the average income may be higher or lower than the debtor's actual income at the time of filing for bankruptcy. This has led some commentators to refer to the bankruptcy code's "current monthly income" as "presumed income".
Generally, a trustee sells most of the debtor's assets to pay off creditors. However, certain debtor assets will be protected to some extent by bankruptcy exemptions. These include Social Security payments, unemployment compensation, limited equity in a home, car, or truck, household goods and appliances, trade tools, and books.
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