When Is Bankruptcy Right for Retired People?
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When Is Bankruptcy Right for Retired People?

When Is Bankruptcy Right for Retired People?
October 27, 2015

Bankruptcy is something that typically happens earlier in life. Usually it involves younger individuals who have taken missteps financially, or who have experienced unforeseen financial hardships out of their control. Most of the time, people who have reached retirement age do not find themselves in a position to file for bankruptcy. However, everyone is different and in some cases elderly or retired individuals do have a need for bankruptcy.

So what kinds of life situations could lead a retired person or couple to choose to file for bankruptcy? One such situation where Chapter 13 bankruptcy could be a good option is for those who have a second mortgage. If your house is worth less than what is owed on your first mortgage, then you can strip the second mortgage in full.  By choosing Chapter 13 bankruptcy retirees could also get assistance with any income tax liens and they can protect the assets they have from being repossessed.

Many people worry about their credit score when they are considering bankruptcy. However, for people who have already retired, having a high credit score may not be as much of a concern for someone who is younger and still trying to establish his or credit. In addition, many elderly no longer have a need to receive much credit, as they have already purchased a home and vehicles. Therefore, in cases like this the benefits of choosing bankruptcy are greater than the negatives, including the social stigma of bankruptcy.

There are many tough decisions to make for anyone considering bankruptcy, no matter what age you are or what stage of life you’re in. That’s why it’s so important to seek the advice of an experienced and trusted Merrillville bankruptcy attorney if you happen to find yourself in this situation. We understand how bankruptcy works and how it will affect you. We can help you consider all your options, weigh the pros and cons, and then make an educated decision based on the facts. Don’t rush into any major decisions until you have contacted the Law Office of Kevin M. Schmidt in Merrillville. We have your best interest in mind and we’ll fight for your rights. Please click here to contact us online or give us a call at 219-756-0555.

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At the Law Office of Kevin M. Schmidt, P.C., we offer a free consultation during which we will examine the facts of your case and advise you on how best to proceed

Our Phone Number219-756-0555
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We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Testimonials are not a guarantee, warranty, or prediction of the outcome of your case.