Bankruptcy For Seniors
Research suggests that the number of bankruptcy filers who are older than 65 years of age is increasing and possibly higher than it has ever been. Why is this? We already know that the two biggest life-changing events that lead to bankruptcy are unexpected medical expenses and divorce. Unfortunately, these things can still happen after the age of 65. As a result, seniors financial future can suffer. Seniors who had pre-existing debt now live on fixed incomes; exacerbating financial problems.
What causes people 65+ to file bankruptcy?
- Companies offer fewer benefit plans, and fewer pensions.
- Many fail to invest or save enough to carry through retirement.
- Retired senior depends mostly on social security for income.
- Seniors carry high debts in mortgage, credit cards & unpaid loans.
- Social Security checks can be garnished for government loans.
- A divorce for older folks can be financially devastating.
- Unexpected medical ailments are more common for seniors.
- The rise in medical bills, services & insurance a big problem.
Senior Living Paycheck to Paycheck
After retirement, those who don’t have the ability to increase income find themselves in a really tough place financially. Most Americans are already living paycheck-to-paycheck. The debt load carried by older Americans has been increasing. This could be due to a variety of factors; such as debt accumulation prior to retirement, insufficient income to retire, unexpected medical expenses, or other unplanned life events. Consequently, those who have recently retired and those who have been living on a fixed income are at a high risk for problems. However, bankruptcy is viewed as a positive, rather than negative action. Focus on what you can control. You are retired after all, not dead!
Knowledge is Power.
It’s never too late to make a positive change, no matter what your age. Adjust spending to any rise or fall in your monthly income. Look for ways to cut back or get rid of things which are not necessary. Talk to family. Ask for help from licensed professionals who offer free consultations. Do what you can to budget. Small changes can pay off bills and avoid falling further into debt.
Consolidation can be realistic place to start. You may consider Wisconsin Chapter 128 or Debt Consolidation because it allows for the creation of a court-ordered plan for the repayment of debt. Like bankruptcy, this option can also stop creditor harassment, wage garnishments and other forms of collection activity while negotiating more favorable payback terms with your creditors.
Bankruptcy for Older Adults.
Calls from collection agencies can leave anyone feeling helpless, and may have an even bigger physical impact on older people. The golden years don’t have to be tarnished by unwanted debt and unwanted harassment. All the stress and financial hardships that come with excessive debt may be reduced or eliminated through filing chapter 7 or chapter 13 Thankfully, filing bankruptcy has no age limitations; senior citizens can benefit from bankruptcy protections and benefits.
Seniors Consult Bankruptcy Attorney
You are not alone in this. Don’t let pride prevent you from gaining the control and resolution that may be found in filing bankruptcy. The last thing you want to do is spend more time in worry. Don’t sell your home to pay a back mortgage or make any desperate move. Consult one of our Debt Advisors licensed bankruptcy attorneys. Get your free consultation. Stop the collection agencies. Understand your rights. Evaluate your options to regain control over financial burdens.