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

Which Should I Pay Off First: Payday Loans vs. Credit Cards

Filing bankruptcy for credit card debt or other types of debt eliminates the need to prioritize one debt over another....
Read More

Am I Living Beyond My Means? Filing Bankruptcy for Credit Card Debt Could Be In Your Future

Living beyond one’s means is one of the most difficult financial challenges of the modern age. The easy availability of...
Read More

What Can I Do About Creditor Harassment?

Florida bankruptcy attorney One of the most difficult aspects of financial problems is dealing with creditors. Even if creditors stay...
Read More

Can I Get Credit Cards After Bankruptcy?

Can I get credit cards after bankruptcy? Bankruptcy changes a lot of things. It stops calls from creditors and makes...
Read More

Is Bankruptcy My Only Option If I Have A Lot of Credit Card Debt?

Does filing for bankruptcy clear credit card debt? Credit cards are one of the primary driving forces behind bankruptcy. Whether...
Read More

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

Bankruptcy can be one of the most powerful tools available to help seniors deal with financial problems. Many Tampa Bay...
Read More

How Bankruptcy Affects Your Estate Plan

If you’re looking for bankruptcy assistance for seniors to help you navigate the complicated process of filing, a bankruptcy lawyer...
Read More

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

Should seniors file for bankruptcy? Maybe. It all depends on their specific financial circumstances. Bankruptcy can be a great solution...
Read More

What Happens If My Spouse Dies During Bankruptcy?

Seniors declaring bankruptcy have many concerns. One of the most pressing is how their health or their spouse’s health might...
Read More

Can I File for Bankruptcy Without a Job?

Bankruptcy is often considered a tool used by people without money, without income, and without any financial hope. The truth...
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

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

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