How Bankruptcy Impacts Senior Citizens

by DeLadurantey Law Office, LLC on January 20, 2015

Estate planningIf you are past the age of retirement or you have an elderly parent that is considering filing a Chapter 7 or Chapter 13 bankruptcy case, you may be wondering how it will impact you. While many programs offer special benefits for senior citizens, everyone follows the same rules and procedures in the bankruptcy process. However, a senior who is struggling financially can benefit greatly from filing a bankruptcy case.

Some people argue that the elderly have less to lose when they seek bankruptcy protection. Most older adults are not as reliant on their credit as younger generations. Thus, they are not as worried about the effect their filing will have on their credit score. Additionally, in many cases, the elderly have personal property that is older and not likely to be worth as much as a younger individual’s assets might be worth.

In contrast, some seniors may still be dependent on obtaining credit. For example, older individuals have more expensive healthcare costs which may require them to rely on their credit to obtain loans. Also, if the senior has spent his or her lifetime earning and saving money, it can result in him or her having significant assets that may not be exempt.

Before you or your parent files for bankruptcy protection, it is important to let us review your individual situation and determine how a Chapter 7 or Chapter 13 will impact you. Bankruptcy law provides numerous exemptions that protect many significant assets, including retirement accounts and Social Security benefits. We can walk you through the process and help you understand what assets will be protected and which may be at risk.

The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC handle Chapter 7 and Chapter 13 bankruptcies, as well as student loan assistance, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense and debtor’s rights matters. We serve the areas of Milwaukee, South Milwaukee, West Milwaukee, Milwaukee County, and Waukesha County, including the municipalities of Big Bend Village, Brookfield City, Brookfield Town, Butler Village, Chenequa Village, Delafield City, Delafield Town, Dousman Village, Eagle Town, Eagle Village, Elm Grove Village, Genesee Town, Hartland Village, Lac La Belle Village, Lannon Village, Lisbon Town, Menomonee Falls Village, Merton, Town, Merton Village, Mukwonago Town, Mukwonago Village, Muskego City, Nashotah Village, New Berlin City, North Prairie Village, Oconomowoc City, Oconomowoc Lake Village, Oconomowoc Town, Ottawa Town, Pewaukee City, Pewaukee Village, Summit Town, Sussex Village, Vernon Town, Wales Village, Waukesha City, and Waukesha Town. Call DeLadurantey Law Office by phone at (414) 377-0518.

 

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