subject: CC Brown Law – Filing Bankruptcy For Retirees And Seniors [print this page] CC Brown Law Filing Bankruptcy For Retirees And Seniors
Actually there are multitude of seniors and retirees are in debt after they have left the workforce. Due to little or no retirement savings left and low returns on fixed income investments, most retirees already cannot catch up with the rising cost of medication and health care services, let alone face the problems of debts. If you are personally affected as well or your parents or a senior relative is in financial trouble, seriously consider filing for Bankruptcy as a way out of your situation.
Increasing Retirement Debt Problems:
According to a recent survey, nearly 60% of retirees age between 65 and 74 are still holding some debt while 40% of retirees age 75 and above are still not debt-free. The three most common types of debt hassling our seniors are unfinished home mortgages, credit card debts and installment loans taken after leaving the workforce.
Aggregate of debts held by most of the seniors are seems to be in line with their income level, but still most of the people are needs to channel up to 50% of their monthly income just for repaying debts and loans. This seems to suggest the occurrence of debts in seniors are proportion to their standards of living and possibly alleviated through a change of lifestyle.
Start Early to Build your Retirement Savings Fund:
Due to the indiscernible personal financial habits, many people have not managed to put together sufficient funds for retirement during their prime years. Some started saving money too late while others had their money siphoned away by credit card debts without being aware. Seniors age 55 and above are getting comfortable living on credit as well. They are now likely to use their available credit when cash is tight for the month or have more medical bills to take care of.
Still if you are working, probably you will wish to continue working past retirement age in order to increase your retirement fund. Working more overtime hours, taking up a second job or re-entering the workforce etc, every little bit of effort helps. If you still have large debts to repay from years of relying on credit, your fixed income will not be sufficient to cover the debt repayments and bankruptcy is becoming a viable option.
Get Relieve from the debts with the help of Bankruptcy Lawyers:
If you are hassling with repaying your debts, there are free and confidential first consultations offered by qualified and real Bankruptcy lawyers. They will never push you to start filing for bankruptcy, but you will be able to thoroughly understand your best legal options to get out of debts at this point in time. Most of the people are benefited through these free legal advice and stop making further financial mistakes that continue to benefit their creditors. You are only making more impairment to yourself and your family by hesitating further.
There is no need to deplete your 401k or IRA retirement accounts just for repaying the debts and credit card bills. These are legally safeguarded from your creditors and are really meant for you to gradually use when you can no longer earn an income in the later years. It is better to file for bankruptcy as early as possible or use other forms of debt settlement if you have no other options left. Otherwise, you will remorse ever using these retirement funds to pay off debts that can be legally eliminated in court.
