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For seniors, bankruptcy can be key to eliminating your debts

On Behalf of | Feb 18, 2016 | Chapter 7

Most Ohio residents look forward to their retirement years, and the chance to step away from the pressures and demands of a career and focus on more personal goals. Some will take up new hobbies or revisit previous interests; others will spend time with their grandchildren or travel. For many senior citizens, however, those plans are disrupted by high levels of debt. In such cases, personal bankruptcy may be the most efficient and effective means of eliminating your debts.

Debt can build in a number of ways. For some, debt acquired during middle age may linger into retirement. Others might incur staggering medical debt following an illness or injury. Some families go into debt trying to help their children or grandchildren. For others, simply living on a fixed income budget can lead to the slow accumulation of high debt.

No matter where debt originated, those financial obligations can have serious ramifications for seniors. Faced with unpaid bills, many older Americans will cut corners wherever they can, including going without prescribed medication, skipping doctors visits or spending less on food. These choices can lead to negative health consequences, further worsening their quality of life.

For some in Ohio, the best way out of crippling debt is to take an aggressive approach. Filing for personal bankruptcy can help with eliminating your debts through the discharge process. This can give seniors a much-needed blank slate, and a chance to rebuild financial stability for their later years. While bankruptcy may not have been part of an individual’s retirement plan, it can be a powerful tool in certain circumstances.

Source: The Washington Post, “Be attuned to seniors who carry a burden of debt“, Michelle Singletary, Feb. 9, 2016