Financial Crisis – Senior Citizens: Retirement and Bankruptcy

“They’ll Take My House, and I Wanted the Kids to Get It Someday”

Retirement Wasn’t Supposed to be Like This:  

It’s the side of bankruptcy you usually don’t see or think about, the side that is little discussed; senior citizens filing bankruptcy. It’s also the fastest-growing side of bankruptcy in recent years. When Medicare isn’t cutting it, pensions are shrinking, and Social Security barely allowing one to squeak by in those “golden” years, credit card and medical bills tend to pile up faster than they can be paid. “This wasn’t what I had pictured,” you say to yourself, “this isn’t what I worked my whole career for.”

Recently called the fastest-growing population in the United States filing for bankruptcy protection, senior citizens represent perhaps the clearest definition of what these harsh economic times have done. Many clients I see have worked their whole career with the idea that upon retirement, they’d be living in the golden years, able to sit back and enjoy the fruits of their labor. 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 prices 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 more than 40 years to earn, has slipped between their fingers, they’re without adequate finances, and creditors are starting to knock. If this situation sounds familiar, call our office, we can help.

Senior citizens face unique challenges in many financial areas and facing looming debt is no exception.  In the context of bankruptcy, we see these challenges daily.  In our office here in O’Fallon, we are well versed in this unique situation and ready to assist at any time.

Filing for Bankruptcy protection in retirement is usually the farthest thing anyone could imagine, and before this recession, that’s the way it was supposed 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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By: Guss Markwell

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