Many seniors are struggling to make ends meet and are trying to hold onto their homes. Unfortunately at this age they are faced with many more health problems, which in turn can incur some substantial financial debt. For many they have no way to pay this debt and find themselves faced with the possibility of going bankrupt. Many of the senior in this situation aren’t even sure if they have this option because of their age.
Age itself will not prevent them from taking advantage of this option, but the big concern is whether it would be in their best interests. These individuals really should seek out the advice of a Dayton OH bankruptcy lawyer. It may be that they possess a lot of non exempt assets which could be at risk in a Chapter 7 bankruptcy.
As a senior home owner you want to be sure that your home would be protected under the homestead protection. Otherwise the equity of your home could be taken into account by your bankruptcy trustee.
The other thing you will want to consider is your medical debts. If this is the primary reason you are in financial difficulty, you must remember that the debts that you file in your bankruptcy are the only ones that will be considered. Any debts that occur after your filing will not be included. Keep this in mind in you have an ongoing medical condition that is contributing to your debt situation.