The Benefits of Bankruptcy for Senior Citizens
Many senior citizens are very careful about their spending and saving, as they work diligently to build up for retirement. However, financial problems may be unavoidable, and even small amounts of debt can eventually spiral out of control. If this happens, a senior citizen may see their retirement prospects dwindle. To stop this from occurring, a senior may want to consider filing for bankruptcy.
If you’re facing overwhelming debt and aren’t sure about what solutions are best for you, we may be able to help. For more information regarding your full range of rights and options as a debtor looking for assistance, contact Florida bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, today by calling (239) 237-0675.
How Bankruptcy May Help Seniors
When a senior citizen needs help dealing with debts that may challenge their ability to retire, bankruptcy may be the right option for them. Working through the bankruptcy process may provide the following benefits:
- Protecting retirement accounts from creditors
- Maintaining equity on a home
- Reducing or discharging medical debt
In addition to these benefits, senior citizens may have easier access to Chapter 7 bankruptcy. To qualify for Chapter 7 bankruptcy, a debtor must pass the means test, which measures a debtor’s income against the state average. However, Social Security benefits aren’t counted as income for the purposes of the means test, making it easier for many seniors to meet this requirement.
Bankruptcy may be able to help you protect your retirement and clear out certain debts that are troubling you. To learn more about how we may be able to help you through the process of filing for bankruptcy, contact Florida bankruptcy attorney Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 today.