Financial Crisis – Senior Citizens: Retirement and Bankruptcy
“They’ll Take My House, and I Wanted The Kids To Get It Someday”
It’s the side of bankruptcy you don’t see, the side that is little discussed. It’s also the fastest growing side of bankruptcy in recent years. When medicare is not enough, pensions are shrinking, and Social Security barely allowing one to squeek by in those years that were suppost to be golden, credit card and medical bills are tend to pile up faster that they can be paid. “This wasn’t what I had pictured” you say to yourself.
Recently called the fastest growing the population in the United States filing for bankruptcy protection, senior citizens represent perhaps the most clear definition of what these harsh economic times have done. Many clients I see have worked their whole career with that idea that upon retirement, they’d be living in the golden years. They contributed dearly to this country, worked hard, paid into Social Security, earned a pension , built equity in their house, and managed to save a little on top of that. All until houses plunged, 401k’s fell off a cliff, Social Security came up short, and medical bills skyrocketed. All of sudden, the retirement that they struggled some 40 yers to earn, has slipped between their fingers, their without adequate finances, and creditors are starting knock. If this situation sounds familiar, call our office, we can help.
Senior citizens filing for Bankruptcy protection in retirement is usually the farthest thing anyone could imagine, and before this recession, that’s the way it was suppose to be. You can protect the house, don’t let creditors threaten to take action without consulting with a qualified bankruptcy attorney.
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