Should Senior Citizens File Bankruptcy?
Many people believe that once you achieve senior citizen status, the special privileges you receive extend to the bankruptcyprocess. While there may be a few minor differences when a bankruptcy is filed by a senior citizen, in general, everything stays the same. In other words, if you are entering your golden years and you are considering filing for bankruptcy protection, you can and should if your finances warrant it.
Some people believe that senior citizens don’t have much to lose by filing bankruptcy. For instance, people do not generally need to obtain a mortgage loan later in life, so any determine to their credit score is irrelevant. Additionally, many older citizens do not have assets that are not exempt by law or are worth a creditor trying to seize and resell them.
While these beliefs may have some validity, it is even more important to understand the benefits a bankruptcy filing can have for senior citizens. Exemptions under the law remove certain assets from the bankruptcy process. For example, exemptions exclude equity in your home (some states have limits), social security benefits, and retirement or pension accounts
If you are a senior citizen and you are struggling financially, you should seek the advice of experienced bankruptcy attorneys like McDowell Riga Posternock PC.Your lawyer can help you weigh the pros and cons of filing a case in your individual circumstances.