Senior Bankruptcy Benefits
Bankruptcy may be a last financial resort for some. But it can be a good one. Bankruptcy allows you to reduce or, in many cases, eliminate your debt. At the same time, assets can be protected. This is an obvious benefit. Senior bankruptcy benefits can be even better. This New York Times article points out many of these benefits.
Seniors often live on a fixed income. Social Security benefits and pension payouts are constants. Aside from cost-of-living adjustments, they don’t change. The stability may be good, but not adequate when facing increased costs. Debt can make this worse. This is when senior bankruptcy benefits can be recognized.
Debt is not a constant cost. It grows. Seniors on a fixed income can be susceptible to this financial mismatch. Rising debt and static income is a common problem facing seniors. So are medical bills. Bankruptcy may be a solution. Eliminating debt is one of the best senior bankruptcy benefits. But so is protecting assets.
Bankruptcy laws allow you to protect your property. You can protect your assets and still eliminate your debt by filing bankruptcy. Exemption laws allow you to protect your home equity, cars, cash, retirement and more. One of the other senior bankruptcy benefits is the ability to protect even more the older you are.
Seniors are not the only ones who have nothing to lose but their debt through bankruptcy. But senior bankruptcy benefits may pack the most financial relief punch. Consumers in the workforce can do something about their income. They can work overtime, get a second job, etc. This may offer debt relief. Seniors in the same debt spot may not have options out. As this other New York Times article pints out, seniors are trying to make ends meet. Often, though, they can’t.
As a Sacramento bankruptcy attorney since 1995, I have witnessed countless cases where seniors could not work their way out of debt. Bankruptcy, fortunately, can be a solution. Contact my office for a free consultation to evaluate your options.