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Senior Citizens and Bankruptcy


Most us spend a healthy amount of time worrying about the retirement years. No one wants to spend decades working and then find out as we’re aging that our finances are not going to be exactly how we pictured. This can be a common issue today as the days of everyone retiring at a healthy 65 with the gold watch and plenty of time on their hands seem to be disappearing. And once retirees do reach the golden years, life is not as simple as it once was with nice pension plans and Social Security that still seemed, well, secure. Today there may be a lot of questions and uncertainty for those who are already retired as well as for individuals in middle age who are trying to prepare.

Many Seniors Are Struggling With Debt

Many senior citizens today are forced to lower their quality of life to pay the bills. What was once expected to be the reward for so many years of hard work has become a time of financial duress. Low interest rates have rendered investments like CDs much less profitable, stock market volatility makes seniors reluctant to invest, health insurance issues abound, and a multitude of other financial responsibilities have changed much for the senior citizen today. They may also be feeling a financial strain from their children who are still struggling despite having reached adulthood, and the coffers may be surprisingly empty, when traditionally our culture has expected most retirees to be relaxing, traveling, and spending quality moments with the grandkids. While they may still be enjoying some of those activities, debt may also become overwhelming in the form of mortgage payments, credit cards, and surprisingly, even student loans.

Bankruptcy May Be a Good Option

For credit card debt, seniors should consider taking the time to see if they can negotiate debts down, along with consulting with an experienced consumer debt attorney who can review their case and discuss a range of options. Bankruptcy may be an attractive option for seniors who pass the means test—especially those who are not planning on buying another home or taking out another major loan. A big hit on their credit report simply may not matter as much in that case, while bankruptcy can offer a way to discharge many debts, to include medical bills which may be causing much of the financial strain. Retirement funds are left intact, along with exempt property. While this is not always the best option, for seniors who have medical bills piling up and unsecured debt like credit cards, it may be worth exploring.

Contact Us to Discuss Your Options

If you currently have credit card debt that is of concern or if your finances need an overhaul, an experienced attorney from Fitzgerald & Campbell, APLC can review your case and discuss all the available options with you. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include bankruptcy and other debt management processes. Let us review your case and discuss what would work best for you. We are here to help!

Call us today for a free consultation at (844) 431-3851, or email us at

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