Many seniors are VERY fearful of bankruptcy. They come from a generation where bankruptcy was not as common as it is today. They have heard horror stories from the past of friends or relatives who went through bankruptcy years ago and lost everything.
In general, if you are a senior without significant assets, and your income is from a pension, social security, or disability, YOU CAN FILE BANKRUPTCY WITHOUT ANY LOSS OF YOUR BENEFITS!
This is important and reassuring news for many folks who call me. Also, if your sole income is one of these sources, you have the option of NOT FILING BANKRUPTCY because creditors cannot touch this money and you may be “judgment proof” even if creditors sue you and obtain judgments.
Most seniors in this situation do choose to file Chapter 7 bankruptcy anyway because they do not want to live with constant telephone harassment, the fear of lawsuits, or they may wish to someday get a part time job that could be garnished in the future.
Filing chapter 7 bankruptcy creates finality of the problem so seniors can relax and not worry about the debts, and the creditors can write the debts off on their taxes.
The old adage “do the right thing” often applies to seniors filing bankruptcy as it settles the matter for everyone. Give me, Peter Milwid, a call, (303) 831-0733) if you’d like to talk it over.
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