Filing for bankruptcy as a senior citizen? Contact a Troy, Ohio bankruptcy lawyer

According to data reported by the AARP, over the past couple of decades, bankruptcy filings among senior citizens have increased significantly, particularly for individuals between the ages of 75-84. Huge medical expenses and financial miscalculations jeopardise the security that seniors hope to experience in their golden years.

If you’re in such a situation, bankruptcy may be the best solution. Although the prospect of filing for bankruptcy may be extremely stressful, with guidance from an expert bankruptcy lawyer, you’ll have an advocate and advisor on your side throughout the process.

If you’re filing for bankruptcy as a senior, what issues should you consider?

Exemptions. If you’ve decided to file for Chapter 7 bankruptcy, for instance, and are worried about losing much of what you own, consider the Ohio bankruptcy exemptions you can take advantage of in order to keep as many of your assets as possible. Among the available exemptions are those that apply in whole or part to your residence, certain benefits (including up to $600 per month of disability benefits), certain pensions, your vehicle, different kinds of personal property, and your burial plot.

Chapter 7 vs. Chapter 13. As opposed to Chapter 7 bankruptcy where you’d be released from dischargeable debts, in Chapter 13 bankruptcy you’d be paying them back in a structured repayment plan; you’d have more time to make the repayments and also not have to put up with constant harassment from creditors. So which would be better for you? To answer this, you’d have to factor in the amount of your debt, the nature of the debt, and your available sources of income. If you’re making only a small amount of income as a senior and your debts are massive, Chapter 13 may not be the best solution. But you’d need to consult with a bankruptcy lawyer who would be able to advise you on what best to do.

Don’t take desperate measures to pay off debt. Seniors sometimes take money out of different retirement accounts to pay off debts, or they go without medications they need, adequate shelter, and food. Don’t resort to such desperate measures. Contact us to review your situation and receive our advice and support.

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