A tough economy can, and does, affect people of all ages. While bankruptcy is often considered something that only younger or middle-aged people go through, the truth is many seniors are also finding it hard to make ends meet and are considering bankruptcy as an option.
A slow economy can present problems for all people, but seniors often have added financial burdens that they have to deal with. The high cost of healthcare and medications are just two examples of expenses that seniors often have to deal with that younger individuals do not. When financial obligations become overwhelming, seniors may want to discuss their options with a qualified, experienced bankruptcy attorney.
Creditors Can Be Cruel:
It should be noted that many of today’s creditors are just as willing to use harsh collection tactics on seniors as they are on younger people. Creditors are often paid by the amount of money that they can bring in and will do just about anything (or say just about anything) to get debtors to pay. But, it does not have to be this way.
Explore All Your Options:
Many seniors who find themselves in financial distress can seek help from sources other than through bankruptcy. There are many fine organizations that can offer various types of assistance. AARP (The Association for the Advancement of Retired Persons) is one such organization. They may be able to help with credit counseling, debt consolidation, or assisting in writing a formal proposal for creditors. These alternatives to bankruptcy should be explored before filing for bankruptcy.
Bankruptcy Has Consequences:
As is true with anyone who files for bankruptcy protection, seniors who file will have to face some consequences. For this reason, it is always best to consult with a bankruptcy attorney before making any final decision. There are many issues that seniors need to be aware of before they file for bankruptcy and only a qualified, experienced bankruptcy attorney can explain them all. Your bankruptcy attorney can go through all of the options which allow you to make the most informed decision as to what to do.
Don’t Fall For This Trap:
One mistake that senior citizens sometime make is when they assume that because they have little income that creditors will not pursue them for debts. There may be some truth to that, but keep in mind that if a senior owns a home, vehicle or other assets, creditors are more likely to continue their actions. Again, the best way to protect yourself is to speak with a bankruptcy lawyer as soon as you notice that you are in financial trouble and other options will not work for you.
It is true that bankruptcy is not a pleasant thing to go through but if you work with a trustworthy bankruptcy attorney he or she can help get you through the process as smoothly as possible. Attempt to file on your own is rarely a good idea unless you have legal training. Work with a professional and get the legal help and protection that you are entitled to under the law.
Charles D. wrote this article on bankruptcy and seniors on behalf of leading bankruptcy attorney in Las Vegas Anthony Deluca of Deluca & Associates.