Older folks often face a different set of problems than younger people as they face retirement and often have limited or fixed incomes such as a pension or social security which is simply not enough to pay for their basic needs, and service any amount of debt. Many people do without the basics such as medicine and food, just to keep up with interest payments on credit cards!
We all know that getting a better paying job, or any job at all, is also harder for folks over sixty and thus people become very frustrated and depressed by their inability to keep up with the money pressures. Also, people of an older generation came of age when bankruptcy was considered a bad thing to do, and was not accepted, as it is today, as a sometimes necessary tool for eliminating debt and moving forward.
The anxiety that comes with overwhelming money problems is also very bad for health, so those struggling also with health issues find the money problems compounding the health problems—it is a very vicious circle.
Clients in this situation tell me over and over that filing a bankruptcy is the best thing they have done, and they wish they had done it years earlier and not wasted so much time worrying about a problem that can be so easily fixed.
In a world that runs on debt—from big business to the government to individuals and families—there is no shame in fixing your debt problems through bankruptcy. It is often the right thing to do for you and those around you who worry about your future as much as you do and see the effect that the money pressures have in causing problems in your life.