' Tampa Bay Attorneys Explain Bankruptcy - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

How Do Seniors Know If Bankruptcy is a Good Idea? Tampa Bay Attorney Explain the Process

Tampa Bay Attorneys Explain Bankruptcy For Seniors.Bankruptcy can be one of the most powerful tools available to help seniors deal with financial problems. Many Tampa Bay attorneys work with seniors and help them make decisions based on their specific circumstances.

What are a few of the things you should consider if you’re a senior struggling with finances and what questions should you ask Tampa Bay attorneys before filing?

Have You Retired?

More and more people are working later in life than in the past. In the past, many people retired by the age of 65. Some even retired at 62.

Nowadays, people are working well into their late 60s and early 70s and that’s expected to continue in the coming years.

Whether or not you are working and have income affects your decision to file for bankruptcy as a senior. If you’re working, debt collectors might be granted the option of garnishing your wages. This means the hard work you do might not translate to money in your pocket. Filing for bankruptcy stops wage garnishment and prevents new creditors from being granted the right to garnish wages.

Do You Have Equity in Your Home?

Many seniors have built a significant amount of debt in their homes. Some even paid off of their homes and are living without mortgage payments each month.

Equity not only means you owe less, it means you have greater financial power. But if you’re facing financial problems, your equity could be at risk if you file for bankruptcy.

If you’ve fallen behind on your mortgage after years of building equity, bankruptcy could help you avoid foreclosure on your home. However, bankruptcy only allows you to protect a limited amount of equity. It’s important to work experienced Tampa Bay attorney when filing for bankruptcy if you have any equity in your home.

Do You Need Protection for Other Assets?

Bankruptcy protects other assets you own, in addition to your home. Bankruptcy allows you to keep things you need to work and live, including your household goods, clothing, and other personal items, and tools used for business. It also protects your retirement accounts.

Understanding how to address these things and ensure they are protected when you file is an important part of bankruptcy success.

Before filing, it’s also important for seniors to consider if they are “judgment proof.” This means there isn’t much creditors could take from them, so there’s no reason to invest the time and money in filing for bankruptcy. If you struggle with medical or credit card debt, but you don’t own a home or have income other than Social Security income, you have nothing to lose. The only benefit of filing for bankruptcy is stopping creditor calls and harassment.

Tampa Bay Attorneys Help Seniors Make Important Decisions about Bankruptcy

Should seniors file for bankruptcy? If so, which chapter should they choose? How will it affect their property and their estate?

These are all questions Tampa Bay attorneys answer every day and can help you with if you’re considering bankruptcy.

For more information or to schedule a consultation to discuss your situation, contact the Law Office of Robert M. Geller at 813-254-5696.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How to Get Out of Debt: Exploring Your Options

Debt is a pervasive issue that affects millions of people worldwide. It is hard to escape debt, especially if you...
Read More

How Will Bankruptcy Affect My Child Support Obligations?

Parenting can be tough, and it's even harder when you're facing financial difficulties. Struggling with debt and bankruptcy can cause...
Read More

Student Loans: Is Discharge in Bankruptcy Possible?

Student loans have become a necessary evil for most students to pursue higher education. The cost of education has increased...
Read More

Should I File Bankruptcy for Credit Card Debt?

Credit card debt can be a huge burden on our financial lives. The pressure to make payments, maintain balances, and...
Read More

Can Bankruptcy Stop Wage Garnishment?

Wage garnishment is a legal process in which a creditor can collect a debt by receiving a court order that...
Read More

Bankruptcy Guide: How It Works, Types, and Consequences

Dealing with money problems can be a stressful and overwhelming experience. Sometimes, debt can become unmanageable, and it may feel...
Read More

What to Say to Someone Going through Financial Problems

Financial problems can be one of the most stressful experiences a person can go through. If you know someone who...
Read More

How Do People Get Into Debt?

How do people get into debt? Are you struggling with debt? Do you feel like the weight of your financial...
Read More

Don’t Fret About Debt

Debt can be a huge source of anxiety and stress for anyone. Whether caused by an unexpected medical expense or...
Read More

2023 Bankruptcy News

Bankruptcy is a concern for many people. For some, debt is a grim reality that affects all aspects of their...
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