' Bankruptcy for Seniors - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Are You Too Old to File Bankruptcy? What Seniors Need to Know about Bankruptcy?

Too Old To File Bankruptcy Tampa, Pasco, And St Petersburg Florida.Filing for Bankruptcy in Old Age

If you subscribe to the adage “you’re only as old as you feel,” chances are you’re willing to take on most any challenge regardless of your age. But unfortunately, no matter how young you might feel, there are some things you just cannot do once you’re older. If you are struggling financially you might be wondering if bankruptcy is one of those things.

Filing for bankruptcy as an older adult is an option for some people, but there are specific factors to address before moving forward. As a senior, your income situation might be different than a younger person nearing or in the prime earning years of his or her life. All or part of your income could be from social security or you might have more invested in assets, like your home.

Though it’s always important to work with an experienced bankruptcy professional, it’s essential for seniors who are considering filing.

Filing for Bankruptcy as a Retiree

Though many seniors continue to work, especially in this day and age, let’s assume you are retired and your primary income is from social security. It’s common for non-working or retired seniors to experience financial struggles because of their limited income and their higher risk for medical or health issues that could affect them financially.

Bankruptcy can be a tool for seniors to protect their property and other assets when they are faced with mounting debt and threats from creditors.

Bankruptcy can offer protection at any age, but it can be especially valuable for seniors because they’ve had more time to invest in their assets. It might be possible for bankruptcy to prevent the loss of a family home or other asset, which is one of the most important reasons you should at least consider filing if you are older and experiencing financial strain.

Chapter 13 bankruptcy makes it possible to keep certain types of property, including your primary residence, and it allows you to get caught up on payments that might have fallen behind. There might also be protections provided in Chapter 7 bankruptcy.

Your home is likely your most valuable asset, especially when you’ve been investing in it for so many years. Essentially, as a senior struggling with money, you have more at risk than most of your younger counterparts. It’s important to speak to an attorney about your specific situation. This way you’ll get the guidance you need when filing and ensure your assets receive the proper protection.

Social Security and Bankruptcy

Many seniors rely on social security as their primary source of income and the idea of a creditor garnishing those payments can be frightening. In most cases, creditors cannot garnish social security income, but it all depends on the creditor. For instance, if you owe money to the IRS your social security could be at risk.

To read more about how social security is handled when you’re experiencing debt problems, check out this information from Bankrate.com.

Retirement savings is also a common concern among seniors. Protection is available, but how it is handled is on a case by case basis. This is why it’s so important to work with an experienced bankruptcy attorney.

If you’d like to know more about filing for bankruptcy as a senior or you want to speak to someone about your mounting debt, we can help. Contact the Law Office of Robert M. Geller at (813) 254-5696 to schedule a free consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How Do I Find a Bankruptcy Attorney in Clearwater?

If you're facing financial hardships and are considering bankruptcy in Clearwater, finding the right attorney can be a critical decision....
Read More

Should I Sell My Home to Get Out of Debt?

Debt is a common modern problem. Whether it's credit cards, student loans, or medical bills, debt can cripple even the...
Read More

What to Ask a Bankruptcy Lawyer

What should you ask a bankruptcy lawyer? Financial problems can be incredibly stressful. One option that many people turn to...
Read More

Is It Easy to File for Bankruptcy?

Bankruptcy is a legal process that allows individuals and businesses to eliminate or reorganize their debts. It offers relief to...
Read More

How to Stay Motivated to Pay Off Debt

If you are struggling with debt, you are not alone. The average American has tens of thousands of dollars in...
Read More

Can I Fire My Bankruptcy Attorney?

Filing for bankruptcy can be overwhelming. Your bankruptcy attorney plays a crucial role in navigating you through the process. Unfortunately,...
Read More

Am I Responsible for My Parent’s Credit Card Debt?

As we grow older, our parents also age. Sometimes they become dependent on us in many ways. Even if they...
Read More

How to Hide from Debt Collectors

There are many ways to “hide” from debt collectors. You can ignore their calls, not answer your door, or ask...
Read More

Is Your Spouse Responsible for Credit Card Debt in Florida?

Debt can be overwhelming, especially when you're not sure who is responsible for it. That's why it's important to understand...
Read More

What Happens If You Ignore a Debt Collector?

Debt can be overwhelming. It’s easy to let bills pile up and miss payments, and before you know it, you...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions