Seniors and Bankruptcy
Dallas Bankruptcy Lawyer
Are you having bankruptcy or financial distress? Contact Allen Stewart today.
Bankruptcy rates among elderly Americans are skyrocketing according to a recent study cited by U.S. News and World Report.
The Consumer Bankruptcy Project’s data shows the rate at which Americans at least 75 years filed for bankruptcy more than triples from 1991 to 2016, with filings by those between 65 and 74 increasing more than 200%.
Rising healthcare costs along with falling social security benefits and more elderly Americans helping care for family members. Healthcare costs, whether for the seniors themselves or those of their family members, weigh heavily on seniors’ finances.
Formerly stable sources of retirement income, including pensions and retirement funds, are less prevalent today than previous generations. She said social security payments scale with the amount contributed instead of providing a set benefit, making it harder for seniors to survive on these payments alone.
A common problem clients seek help with is credit card debt. Many seniors face declining health which in turn inhibits their ability to work. They use credit cards to shore up the difference and rack up high balances.
Credit card debt can be discharged in bankruptcy, and many retirement funds are exempt assets. Social security funds, a home, and one vehicle are also exempt. Filing for bankruptcy stops harassing phone calls from creditorsand keeps creditors from filing a lawsuit and garnishing back accounts.
Seniors facing debt problems or those who care for them can contact the office of Allen Stewart, P.C. for helping finding the best solution going forward.
You deserve an attorney with the skills and experience to find the best solution for you. If you are struggling to stay above water, call Allen Stewart, P.C. today and find your path back to financial wellness.