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

Should Seniors File Bankruptcy? Here’s 3 Things You Need to Know

Should Seniors File Bankruptcy.Should seniors file for bankruptcy?

Maybe. It all depends on their specific financial circumstances.

Bankruptcy can be a great solution for older people dealing with debt, but it’s not right for everyone. Working with a bankruptcy attorney helps you make informed decisions about your situation.

What are three things seniors should understand before filing for bankruptcy?

1. Bankruptcy is Best for People Who Have Dischargeable Debts

People with financial concerns related to non-dischargeable debts are unlikely to get much out of bankruptcy. For example, if you’re behind on child support payments, bankruptcy isn’t going to wipe out that debt.

However, filing for bankruptcy can help you with non-dischargeable debts when it frees up money to put toward those debts. If you’re drowning in credit card or mortgage debt and you cannot afford child support, discharging the credit card debt with bankruptcy could result in having more money to put toward child support.

2. Bankruptcy Might Not Help If Your Assets are “Judgement Proof”

Seniors considering bankruptcy should take a long look at how accessible their assets are to the court. Things like your primary home and vehicle, as well as Social Security income, can be protected from bankruptcy court. This means if a creditor files a lawsuit against you, the court will not grant a judgment in their favor unless the debt is directly related to the asset.

For example, if you fall behind on your mortgage, the mortgage lender can foreclose on your home. However, a debt collector after you for a credit card debt won’t be able to force you to sell your home to pay that debt.

What filing for bankruptcy can do when you have nothing a creditor can take is stop the harassment from creditors and bill collectors. You won’t need to worry about the debts anymore if they’re discharged. But this peace of mind doesn’t mean it’s always financially smart to file for bankruptcy.

3. Home Equity

Home equity is a significant concern for many seniors considering bankruptcy. Most seniors have more equity in their homes than younger people, primarily because they’ve had more time to make more mortgage payments.

If filing for bankruptcy puts your home at risk and you’ve paid your mortgage in full or are close to doing so, you might be better off taking another route.

Bankruptcy does offer protection for your home and the equity you have in it, but there are often limits protections. You need to be sure the protections available are enough to prevent you from losing your home.

Should seniors file bankruptcy? As an older person, should you consider bankruptcy if you’re facing financial woes?

Several factors affect whether or not bankruptcy is the right choice for you. The best thing you can do is schedule a consultation with an experienced bankruptcy attorney to discuss your assets, debts, and other issues that will be affected if you file.

For more information, contact the Law Office of Robert M. Geller at 813-254-5696.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Are Trusts Protected from Bankruptcy?

Trusts are powerful estate planning tools. They allow people to protect and distribute their assets according to their wishes. This...
Read More

The Truth About Bankruptcy and Buying a Car

The Truth About Bankruptcy and Buying a Car Bankruptcy often carries a stigma of financial ruin and a bleak future....
Read More

How Do Bankruptcy Lawyers Get Paid?

Bankruptcy can be a stressful and overwhelming experience, but having the right legal representation can make all the difference in...
Read More

Do You Lose Your Home When You File for Bankruptcy?

Filing for bankruptcy can be a daunting prospect, especially when it comes to concerns about losing one's home. Your home...
Read More

Can You File Bankruptcy During a Divorce?

Divorce and bankruptcy are personally difficult and also complex legal processes that can have significant implications for your financial future....
Read More

Can You File Bankruptcy on Restitution?

Facing financial struggles can be overwhelming, especially when debts include complex legal obligations like restitution. What is restitution and how...
Read More

Can You File Bankruptcy After a Judgment?

Receiving a judgment against you in a lawsuit can be a distressing experience. This is especially true if you're already...
Read More

Can Back Taxes Be Included in Bankruptcy?

Dealing with back taxes can cause a lot of stress and financial burden for anyone facing financial hardship. If you're...
Read More

Can an Estate File for Bankruptcy?

Many people wonder whether or not an estate, such as the one left behind after someone passes away, can file...
Read More

How Long Should I Keep My Bankruptcy Discharge Papers?

If you've successfully navigated the bankruptcy process and received your discharge papers, congratulations are in order. It's a significant milestone...
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