When Seniors Need to File Bankruptcy
We are a bankruptcy lawyer for seniors. If you are retired and have found yourself in financial difficulty, you’re not alone. We understand that this is a time in life when no one expects to be struggling with debt or having difficulty paying the mortgage. After working hard your entire life, you probably anticipated spending your retirement years in comfort. This includes being able to travel, spending time with friends and family, going out to dinner, etc. If those dreams have been dashed due to the weight of debt, you should know that there is hope and you do have options.
A few reasons seniors file bankruptcy are:
- Unexpected medical bills. Even with insurance, many seniors find themselves buried under the weight of medical debt. this is especially true in between the age of retirement from work and starting Medicare. If this has happened to you, look into options for how you can move forward, including filing for bankruptcy.
- Credit card debt. It is easy to get into debt since credit is so readily available. If your roof needs repairing, your car needs a new transmission, or you take a special vacation, you could suddenly find yourself in more credit card debt than you can afford to pay.
- Bad mortgages. Many people bought homes at the top of the bubble, thinking that the value would increase and they could sell during retirement. Now, many of the same seniors are in a home that is larger than they need. Moreover they have a mortgage that is not affordable, and an inability to move without taking a loss. Yes, the market has improved, and in time, you may be able to sell for a profit. However, if that day has not yet come, you may need to file bankruptcy in order to get your other debts under control so you can afford to stay in your home.
- Unplanned expenses. Statistically, most Americans do not have the savings required to survive a job loss or a series of unplanned expenses. Whether these are little nickel-and-dime expenses, like all your appliances going out at the same time as the car and everything needing to be repaired, or major life events, like an unplanned job loss or loss of a secondary income, it can still hurt. It doesn’t matter what the unplanned expense is, once it happens, most people find themselves in a terrible financial bind. If you are one of them, bankruptcy may be a good option.
There is No Shame in Bankruptcy
As a bankruptcy lawyer, we know that many our clients come to us feeling the shame of not being able to pay their bills. This is especially true for seniors who never thought they would need help or that they would be in a situation like this. We are here to let you know that there is no shame in having to file for bankruptcy. Life happens, and as it does, you need a way to move forward. We can give that to you.
Speak With a Bankruptcy Lawyer Today
Learn more about your options by scheduling a consultation today.
NOTE: This is for informational purposes only and does not constitute legal advice.