Many people hope that they will be debt free by the time they reach the reach retirement age so that they can better enjoy their golden years. However, in today’s tough financial climate, this is often not the case, and more and more seniors are filing for bankruptcy as a result.
Common Causes of Senior Citizen Bankruptcy
It is easy for seniors to fall into dangerous financial territory. Over time, debts will build and expenses will grow. The following are some of the common causes of senior debt:
- Rising health care premiums
- Medical bills
- Prescription drug costs
- Mortgage payments
- Decrease of income
If you are facing unmanageable payments due to these issues or others, bankruptcy may be a good option.
Benefits of Senior Citizen Bankruptcy
Filing for bankruptcy will not only put you on the road to a stronger financial future, but it can also decrease your stress level. The following are some of the potential advantages of bankruptcy as a senior:
- Credit card debt elimination
- Consumer bank loan elimination
- No collection calls
- Ability to keep pension and retirement
- Avoiding foreclosure
- Additional funds to pay for prescriptions and medical costs
If you are a senior and are having difficulty paying off your debt, you do have options. To learn if bankruptcy is right for you, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC today at 414-377-0518 for a free consultation.