Debt relief options for financially troubled senior citizens | Pottstown ...

The economic recession and housing market crash was a double whammy for Americans nearing or in retirement. Investments meant to carry senior citizens through their retired years financially, sometimes built up with decades of effort, were depleted. The market value of homes - the largest, single asset most people own - plummeted and stagnated.

Many older, employed people in Montgomery County and throughout the country also experienced the sudden loss of jobs. Financial desperation drove consumers to use credit cards to supplement mortgages, car payments, utility expenses and medical bills. Increased credit dependency put many consumers over their heads and caused them to seek debt relief through Chapter 7 bankruptcy.

Most senior citizens are dependent upon fixed incomes, which can be devastated by unwanted debt like massive credit card expenses. It is easy to imagine that a strained, fragile budget could be overwhelmed by an unexpected illness, an accident or a spouse's joblessness or death.

Chapter 7 bankruptcy can provide protection from unsecured creditors. State laws determine Chapter 7 income and asset qualifications, including which assets are immune from liquidation. Pennsylvanians with a great deal of property may choose to reorganize finances through Chapter 13 bankruptcy - a structured, three-to-five year, debt repayment plan.

Meeting with a skilled bankruptcy attorney can help determine whether a Chapter 7 or Chapter 13 filing is possible or necessary. Professional credit counseling, required before any personal bankruptcy process begins, assists clients with budgeting and creditor negotiations that may result in lowered bills.

Senior citizens should be aware that not all credit counseling companies are alike. Consumers are advised to avoid firms that make exaggerated claims or charge illegal upfront fees. Check the credentials and national accreditation of a credit counseling agency before making any commitment to use the service.

Source: Fox Business, "Will Bankruptcy Help Senior With $15K in Debt?" Justin Harelik, Oct. 30, 2012

Source: http://www.pennsylvaniabankruptcyprosblog.com/2012/11/debt-relief-options-for-financially-troubled-senior-citizens.shtml

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