How Debt Affects Seniors Differently, and What You Can Do

As of 2010, Americans 55-64 carry the highest debt in America. That debt can carry over into retirement and make life much worse for them as senior citizens. But at the same time, fewer Americans now expect to die in debt. In some cases, they may be right. But in general, this high debt will follow older Americans for the rest of their lives unless they do something about it now.

If you’re a senior struggling with debt, here are some factors you might want to consider. And if you’re considering bankruptcy, I’m a Memphis lawyer who handles Chapter 7 bankruptcy for seniors. I’m happy to speak with you about all of your options, free of charge.

Fixed Income and Debt

Since many retirees live on a fixed income, debt gives you almost no flexibility. That means many seniors struggle to pay off high interest rates or large debts, because they don’t have the same ability to put in extra earnings when they have them. It’s harder to save, and so it’s harder to make wise choices about how to get rid of the debt you already have.

At the same time, as you get older, you can’t just take on more work. And if you do, it can feel extremely disheartening to see all that work go to paying off debts. You don’t want to carry those debts for the rest of your life, but you also want a little of your money to go to the things you actually enjoy, especially in your later years.

Seniors who come to see my Memphis bankruptcy firm often express a frustration with the piles of debt, because they feel like they can’t get out without some sort of intervention.

In many cases, they’re absolutely right. Fortunately, we have options that can help them immediately.

Retirement and Chapter 7 Bankruptcy

In almost any other kind of debt repayment plan, you could lose your retirement savings. Without the force of federal law on your side, you just have to negotiate with creditors and hope you can cover the costs with whatever you have in your account.

So many people have lost everything trying to go it alone. I see them in my office every day and wish they hadn’t waited to come and see me.

When we do a Chapter 7 bankruptcy for seniors, we put you under the protection of the courts. Creditors can no longer take anything from your retirement or pension funds. Your future no longer belongs to someone else.

Plus, you get all the same benefits of a normal Chapter 7 bankruptcy:

  • you can get totally free of debt
  • stop creditor harassment
  • and even rebuild your credit

All while holding on to those crucial savings.

That’s one of the biggest reasons I tell people to see me before it’s too late. There’s no benefit to holding off and seeing what happens when so much is at stake.

An Attorney Experienced in Chapter 7 Bankruptcy for Seniors

When looking for an attorney to handle your Chapter 7 bankruptcy, seniors should consider someone who understands every part of their lives.

I have helped thousands of seniors get out of debt, save their retirement, and enjoy the rest of their lives free of the burdens they had when they walked in. As a social security disability attorney, I also understand the SSA and the many other governmental agencies and bank programs that affect your financial future.

If you’re feeling overwhelmed, please don’t wait. Contact me today for a free appointment to discuss your situation. I know you’ll be glad you did.