Financial Crisis – Senior Citizens: Retirement and Bankruptcy

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

Senior citizens filing bankruptcy, it’s the side of bankruptcy you don’t see. A 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 allows one to get by in those years that were supposed to be golden.  Credit cards and medical bills tend to pile up faster than they can be paid.  “This wasn’t what I had pictured,” you say to yourself.

Recently called the fastest-growing population in the United States filing for bankruptcy protection, Seniors represent perhaps the clearest definition of what these harsh economic times have done.  Many clients I see worked their whole career with the idea that upon retirement, they’d be living in the golden years.  They contributed enormously to this country, worked hard, paid into Social Security.  They earned a pension, built equity in their house, and managed to save a little on top of that.  Then 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 years to earn, has slipped between their fingers.  Now, they’re without adequate finances, and creditors are starting to 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 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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