Should Senior Citizens File Bankruptcy?

by DeLadurantey Law Office, LLC on October 17, 2014

grand parentsMost people work all their lives with the goal of retiring and living comfortably in their “golden years.” Sadly, many individuals are entering retirement age and are running out of money or they are realizing they cannot retire because they have not saved enough to do so. This can be frightening for a senior citizen who may not have the option to continue working at their job or who is facing health problems.

A recent report from the Federal Reserve triennial Survey of Consumer Finances indicates that the number of Americans facing financial struggles at retirement age is increasing. It was reported that between 2010 and 2013, the median net worth for people 75 years of age and older decreased by 16%. However, during the same time period, the median net worth for individuals 35 to 44 increased by 3% and for people 65 to 74, it increased by 5%.

There are a variety of theories as to why the 75 and older group is facing financial struggles, but it is important for you to realize the problem is more commonplace than it used to be. In other words, it is possible you may need to step up and assist your elderly parents with finding solutions. One option to consider may be whether filing a personal bankruptcy case would benefit them.

If you or a loved one is in need of relief from overwhelming debt, contact us today for the advice and guidance you need. We will explain all of your available debt relief options and help you create a strategy that will benefit you the most.

If you would like a down-to-earth approach and a lawyer who will listen carefully to all your questions and concern, call DeLadurantey Law Office, LLC,at (414) 377-0518. We serve clients primarily in the areas of student loan law, Chapter 7 and Chapter 13 bankruptcies, debt negotiations and defending foreclosure actions. If you live in the area of Milwaukee, Wisconsin, call us for the debt relief assistance you need. Visit our web site and like us on Facebook.

 

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