CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

How Seniors Can Avoid Bankruptcy

senior citizens and bankruptcySeniors are at a high risk of bankruptcy, but there are ways to avoid it. What do you need to know about senior citizens and bankruptcy?

Many seniors no longer earn as they once did. They are on fixed incomes, so if anything unexpected occurs, it creates a financial disaster. Even those who invested in saving over the years can face financial hardship.

If you’re a senior concerned about finances or you’d like to find out what you can do to avoid having to take drastic action, consider these tips:

Live Within Your Means

Don’t spend more than you can afford. This is one of the most basic and powerful financial tips that anyone can use – not just seniors. You should never spend more than you can afford. If there’s something you want to purchase, be patient and save up for it. You’ll have to wait, but it’ll be worth it in the long run.

Don’t Accumulate Credit Card Debt

If you can’t pay off your balance each month, you’re headed for trouble. Try to avoid using credit cards unless it’s an emergency or unless you can pay off the balance each month.

Be Careful with Home Equity Loans

Seniors tend to have a lot of equity in their homes if they’ve chosen to live independently. These can be helpful if used wisely, but they can also lead to a foreclosure if you can’t make the payments.

Create a Budget – and Stick to It

Creating a budget is an important part of managing your money. You should be tracking your income and expenses so you know where your money is going. This helps you make financial decisions and avoid mistakes.

Plan for Your Future

Save for retirement so you’re not left penniless in your golden years. This tip goes hand-in-hand with the previous tip of creating a budget. Make sure when you plan your budget, it includes setting aside money for retirement.

It’s also important to work with a financial professional so you can make the most of the money you save.

Ask for Help If You Need It

If you’re struggling to make ends meet, consider talking to a credit counselor or bankruptcy attorney. There’s usually no obligation to follow through on anything after a consultation. Speaking to someone about your options is a great way to get information about what you should and shouldn’t do.

Don’t Wait Until You Have No Other Option

Address financial problems head-on before they spiral out of control. Taking action early means you’ll have options. If you wait too long, you might find that your only option is to file for bankruptcy.

At the very least, don’t ignore collection letters and hope that the problem goes away. If you’re facing serious financial issues and you wait to address them, it could lead to the loss of your home and other legal actions by your creditors. A bankruptcy attorney can review your situation and help you protect your assets before it’s too late.

Following these tips can help seniors citizens avoid bankruptcy and financial ruin. If you’re already in debt, don’t wait to get help. The sooner you address your problems, the better your chances of avoiding bankruptcy.

For more information or to discuss what you can do about financial turmoil, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How Does Getting Married Affect Bankruptcy?

If you are considering bankruptcy, you may be wondering how getting married affects your ability to file. The answer is...
Read More

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

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