While most of us picture retirement as a financially secure and altogether pleasant period of life characterized by an ability to finally do what you want from vacationing and spending time with family to engaging in favorite pastimes or just relaxing, the reality is actually quite different for many retirees.
Indeed, many seniors here in Florida find themselves unable to enjoy their golden years thanks to serious financial problems brought on by medical expenses, loans to family members, significant credit card debt and perhaps even ill-fated investments.
As frightening and frustrating as it can be for older people who have likely been fiscally responsible their whole lives to find themselves in this situation — surrounded by stacks of bills and unopened letters from creditors — it’s important for them to understand that they have options.
Indeed, filing for Chapter 7 bankruptcy can do the following:
- Discharge unsecured debts, including both credit card debt and medical debt
- Stop harassing communications from creditors
- Grant you a fresh start that enables you to enjoy your retirement
It’s understandable how retirees could be reluctant to consider this as an option, perhaps fearing that their assets will be liquidated, meaning seized and sold to pay off their debts,
While it’s true that those who file for Chapter 7 could see some assets sold, it’s also true that many people lose no assets whatsoever. Indeed, the majority of retirement accounts are exempt, as well as the equity in a home, furnishings and personal belongings.
If you are a retiree who would like to learn more about the possibilities offered by Chapter 7 bankruptcy, please visit our website.