Crippling debt affects more older people than ever, and many are rightfully concerned about their ability to make ends meet after retirement. Among the top financial concerns for those over 55 are:
- Keeping a residence
- Facing costly medical bills
- Paying off accumulated debt
Credit cards and medical bills lie at the root of many economic hardships for seniors. Some older people have also accrued student loan debt from seeking higher education in their elder years.
They need debt relief options sooner rather than later.
Is bankruptcy wise for seniors?
Like most things in life, it depends on your circumstances. Those facing debt that impacts health and survivability can change their way of life through a successful bankruptcy filing. For example, if you skip meals or medication to save money, bankruptcy can help you get back on track and take better care of yourself.
Other reasons for seniors to consider bankruptcy:
- Insurmountable medical debt compromises your healthcare
- You can no longer make your credit card payments
- Fears that your debt will impact your heirs
After eliminating at least some debt, you can eat a nutritious diet, afford your prescription meds and enjoy your golden years.
When is bankruptcy unwise?
It may not be worth the effort to file if you have no assets for your creditors to seize. Still, many file bankruptcy anyway to stop creditor harassment and protect bank accounts.
The key to determining if bankruptcy will serve your best interests is to weigh the pros and cons that are unique to your circumstances. Knowledge of Georgia bankruptcy laws and professional legal guidance also ensures you make well-informed financial decisions.