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 Does Filing for Bankruptcy Affect a Vehicle Loan?

If you're considering bankruptcy, you may be wondering if you'll be able to keep your car. The answer depends on...
Read More

8 Ways to Deal with Student Loan Debt

If you're one of the millions of Americans saddled with student loan debt, you're probably looking for ways to minimize...
Read More

Tips for Handling Credit Card Debt

If you're struggling with credit card debt, you're not alone. The average American household owes nearly $6000 in credit card...
Read More

Don’t Fall for These Common Bankruptcy Myths

There are a lot of misconceptions out there about bankruptcy. Working with a debt defense attorney is one of the...
Read More

Can Filing for Bankruptcy Affect My Career?

It’s common for people considering bankruptcy to wonder how filing affects their job. The answer to this question depends on...
Read More

Can I Fix My Credit After Bankruptcy?

Wondering how to improve credit after bankruptcy? Here's what you need to know. Bankruptcy can be a fresh start for...
Read More

What Happens If I Can’t Afford Chapter 13 Bankruptcy?

Are you wondering what happens if I can’t afford my chapter 13 payments? Here's what you need to know when...
Read More

Help I Regret Filing for Chapter 7 Bankruptcy

Bankruptcy isn't the right choice for everyone. Depending on your unique financial situation, you may be able to find other...
Read More

How a Bankruptcy Attorney Helps You Avoid Problems When Filing

Do you know what mistakes to avoid when filing for bankruptcy? If you're considering filing for bankruptcy, it's important to...
Read More

These 7 Common Bankruptcy Mistakes Can Cost You Thousands

Bankruptcy is a legal process that allows individuals or businesses to eliminate or repay some or all of their debts....
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