When you are a senior citizen and you are struggling with debt, what is the right solution? An experienced bankruptcy attorney understands that you may be hesitant to file for bankruptcy as an older person, and are not sure what the right solution is. Whether you own a lot of property and assets or very little, your lawyer can go over whether he or she believes bankruptcy would be right for you. They will understand that this is an especially hard time for you and want to be there to give you the help you need.
Is bankruptcy the best solution?
There are many different debt relief solutions and you may be wondering if bankruptcy will be right for you. What will happen if you file for bankruptcy as a senior citizen? There are typically two ways to tell if bankruptcy may or may not be right for you.
- You are asset-poor. You may have many things in your home that contain sentimental value, like pictures, your stamp collection, or your wedding dress. Creditors will often try to use anything they can to squeeze money out of you to get you to pay back a debt and you may be wondering if they can take your assets. If the items you have lying around your home are not particularly expensive and are there because you need them — like an inexpensive car or your Social Security checks — then creditors should not be coming after your things. A bankruptcy case can help ensure creditors do not harass you.
- You are wealthy. If you have many expensive assets, bankruptcy probably is not right for you. Unless you are willing to part with these assets during a Chapter 7 bankruptcy process or if you are willing to pay a higher amount for your repayment plan in Chapter 13 bankruptcy, you could expect to lose or pay a premium for your assets.
How does Social Security play a factor in bankruptcy?
You are required to disclose your Social Security amount when you are filing for bankruptcy. Unless your Social Security gives you a lot of extra income every month, this likely would not disqualify you. If you have any concerns, please speak with a bankruptcy attorney as soon as possible.
Are you a senior citizen and interested in filing for bankruptcy? Reach out to a lawyer, like a Chapter 7 bankruptcy lawyer, for more information about how they can help you today.