Should Senior Citizens Seek Bankruptcy Protection?

gentleman confused and thinkingWhen you reach your "golden years," you are entitled to many specials and benefits. Unfortunately, when it comes to filing a bankruptcy case, a senior citizen must follow the same rules and procedures as everyone else. However, filing a personal bankruptcy can still be beneficial for older adults.

Many seniors have less to lose when they file bankruptcy. For one thing, they are not as reliant on their credit as younger individuals. As such, seniors are often less concerned with the effect a bankruptcy could have on their credit score. Also, it is common for elderly individuals to have personal property that is old, and not worth as much as a younger person’s property.

While the above is true for some seniors, it is not true for all seniors. Some older individuals have higher healthcare expenses which may require them to rely on their credit for a loan. Additionally, a lifetime of earning and saving can result in a senior having significant money in the bank.

Whatever your circumstances, if you are a senior citizen who is struggling financially, bankruptcy is an option you should consider. The law provides many exemptions which may protect your assets. For example, you may be able to exempt the equity in your home, your retirement accounts, and your social security benefits.

Let us review your individual finances, help you understand all of your debt relief options, and help you decide if filing for bankruptcy is the best choice for you.

Please keep in mind that every bankruptcy matter is different. If you are considering filing for bankruptcy protection, and you would like to schedule a no-cost consultation to discuss your options, please contact our office by completing the form on this website ot calling us at (954) 932-5377.


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