Bankruptcy and the Elderly
Tough economic times seem to hit the elderly especially hard. Many have tried to save, but increasing food costs, gas prices, and other living expenses have caused bank accounts to dwindle. Some have resorted to putting expenses on credit cards and working part-time jobs, hoping that they will have enough to pay off the balance as their paychecks arrive. Others are no longer able to work because of injuries or illnesses, which only add to debt problems by piling on costly medical bills. Elderly people everywhere are left feeling that they have few remaining options.
If you are facing a large amount of debt, bankruptcy is one option that you may want to consider. A Chapter 7 bankruptcy will give you temporary protection from creditors through the automatic stay provision under bankruptcy law. This provision states that creditors cannot contact you to collect payment while your bankruptcy is pending. This may give you enough time to get your finances in order so that you are able to save your house or car from repossession.
Another option is to file for Chapter 13 bankruptcy, a repayment bankruptcy. Under Chapter 13, you will create a repayment plan to pay back your creditors over a three to five year period. If you are able to work a steady part-time job or have a reliable source of income from elsewhere, you may be able to file for Chapter 13. This form of bankruptcy allows you to catch up on missed payments on credit cards, your mortgage, car loan, and more.
Many elderly Americans have relied on a stockpile of savings and investments to make it through retirement, only to find that these reserves have dried up due to the bad economic times. The New Orleans bankruptcy attorneys of Kervin & Young, LLC understand the many financial hardships that you may be facing in retirement. We are prepared to review your financial situation and provide you with legal advice and assistance to help you in any way we can.
Contact Us
To learn more about debt relief options available to the elderly, including bankruptcy and debt negotiation, please contact the compassionate, experienced New Orleans bankruptcy lawyers of Kervin & Young, LLC today at 504-599-5906.