Living with high debts as a senior citizen in Philadelphia can be tough. You have reached a stage in your life where you want to relax and enjoy your life and family. Worries about money and debt can hinder your ability to spend time on more important things. Our bankruptcy attorney in Philadelphia can help you shift this burden and put you on the right track. Whether you are struggling to get by or in danger of losing your home, a bankruptcy attorney can help you decide the best way to handle the situation.
Contributing Factors
As a senior, you face unique problems that other age groups do not.
- Income loss- After retirement, you may expect that your income will remain the same. Sometimes, though, the income is less or you may find that you need more than you thought to pay for your expenses.
- Supporting adult children or grandchildren- Even as a senior parent on a fixed income, you want to help when your children are struggling. It is common for seniors to assist their adult children, even when the senior parent really needs all that he or she has for their own living expenses.
- Medical bills not covered by Medicare- You might expect that you will not have to pay much for medical expenses. Sometimes, though, Medicare rules change and the amount they are willing to pay, or the number of services they cover, are reduced. This places a heavier burden on you as a senior with limited income.
- And there are cases where the credit card balances have built up over the years and they just will not go away.
As a senior experiencing some of these problems, you could find yourself in debt. Good counsel is important when trying to find solutions for a tough financial situation. Unfortunately, there are lenders who will take advantage of senior citizens. Do some research and be cautious about who you trust with your finances. Consult with legal professionals if you feel suspicious. Many times, seniors will keep their financial problems hidden from their family, even though making them aware of what is happening could help the senior’s situation immensely. Consulting a good bankruptcy attorney might seem like a big step, but he will be able to tell you what your options are, will answer your questions and will be able to alleviate your concerns
For example, many seniors worry that they may not qualify for Chapter 7 bankruptcy and would be forced to file for a Chapter 13 payment plan on a fixed income. The truth is, you probably can qualify for Chapter 7 and there are provisions to help senior citizens, as well as special exemptions for retirement plans. A bankruptcy attorney could inform you about all the possibilities and help you decide the right course of action.
Filing for bankruptcy as a senior can be overwhelming but with the right help, you can get through it with many assets intact. Our bankruptcy attorney in Philadelphia understands a senior’s unique situation and can help you better understand your options. For more information or further questions, call William D. Schroeder, Jr. at 215-822-2728.