Unfortunately many seniors enter their retirement years loaded with debt. They soon discover that with there no longer being a regular pay check coming in they cannot afford the payments. They may now be struggling with medical debts as a result of their aging. This accumulated with the other debts may not leave them any choice but to consider bankruptcy.
Finances In Retirement
It is important that any senior that is in a really tough financial situation speak with a Dayton bankruptcy attorney that can advise them whether this is the best financial relief to go after. The professional can also explain the differences between the types of bankruptcy that is available. In most cases the senior will do better with a Chapter 7 bankruptcy if they qualify.
Seniors also have to consider any equity they may have in their home and how this could be affected by going bankrupt. Seniors need to think about protecting their social security income from garnishments regarding the bank account that these funds may be deposited into.
These types of funds are protected in a bankruptcy, but they can become vulnerable when in a bank account as a creditor has no way of knowing the funds in there are from social security. Being in a bad financial way is stressful for seniors but they should be aware that bankruptcy may be an option when there are no other solutions. There may be other resources so the decision to use this type of debt relief has to be thought about carefully.