The Number of Elderly Filing for Bankruptcy is Increasing
We have all been taught to believe that the “greatest generation” was careful with its money and its members were very good savers. We are now surprised to find that the elderly in America are one of the fastest growing segments of bankruptcy filers. Those who are older and possibly in retirement should not be ashamed at the need to file for bankruptcy. Seeking legal help and filing bankruptcy can help an older person find peace from bills at a time in life when he should be able to relax and enjoy himself. The elderly can, and do face financial problems that can be alleviated by bankruptcy.
Why the Increase in Bankruptcies Among the Elderly?
Older people are living longer, and consequently they are outliving their savings. Additionally, many elderly have chronic health conditions that require expensive prescriptions and doctor visits. Many times, the elderly often suffer from isolation and depression. This can lead to activity like “QVC shopaholics.” The allure of interesting products sold by attractive people, who allow you to participate along with your friends, can be almost hypnotic. The elderly are particularly susceptible to this type of sales activity. Older people are also frequently targets for scam artists, leaving them vulnerable to losing substantial amounts of money to these criminals.
Chapter 13 Bankruptcy for the Retired
Many elderly are very conscientious about paying their credit card bills, but the minimum payments often don’t allow them to pay their other bills. A Chapter 13 bankruptcy can be a responsible way to resolve these debts, especially if the person stops using credit cards. Rather than paying high credit card interest rates and late charges, bankruptcy can provide a way to pay off credit card balances. Most elderly people are very responsible and are quite embarrassed about filing bankruptcy. But, allowing them to repay their debts through Chapter 13 bankruptcy benefits not only themselves, but their creditors. For example, by repaying their debts through bankruptcy, the elderly can generally maintain and keep their other assets, including their residence and automobile.
Contact a Bankruptcy Attorney in Harrisburg, Lemoyne and Carlisle
For further information about filing bankruptcy, contact Harrisburg bankruptcy attorney Steven P. Miner at (717) 724-9821. Steve understands your concerns and the emotions that seeking a bankruptcy can cause.