Many senior citizens struggle to keep up with expenses and may end up depleting their savings rapidly in an effort to keep up.
Increased costs such as medical expenses, supporting adult children, and even victimization by predatory lenders can lead to significant financial distress for seniors on a fixed income.
Rather than seeking help, many seniors will suffer through financial issues, sometimes selling off personal property or mortgaging their homes or even reducing their costs by not taking the medications they need just to stay afloat.
Bankruptcy Options for Senior Citizens – What Will I Lose if I File Bankruptcy?
When financial difficulties arise, seniors may benefit from chapter 7 or 13 bankruptcy protection. The average senior citizen will not lose property by filing bankruptcy as most retirement funds and other property are exempt and cannot be taken to pay off creditors.
Even when a senior has an asset that is not exempt in a bankruptcy, they may be able to negotiate with he bankruptcy trustee to pay for the item rather than turning it over for liquidation.
Contact an Illinois Bankruptcy Options For Seniors Lawyer for Help with Your Senior Citizen Debt Matter
If you are a senior citizen facing financial difficulties or have a family member who is struggling, it is important to start by getting the information needed to determine if bankruptcy protection is a good strategy for you.
Many people, including seniors, find that bankruptcy is a viable option so that they can get a fresh start and lead a life free of financial distress. Call the Peoria Illinois Bankruptcy Law Offices of Charles E. Covey for more information at 309-674-8125 to schedule a free consultation or contact us for more information regarding Illinois senior citizen debt options.