While everyone who goes through bankruptcy feels fear and uncertainty about the future, it tends to hit seniors a bit harder. Younger individuals have a lot more time to recover financially. However, if you are of retirement age and have just filed for bankruptcy, you may feel a bit lost on how to rebuild your life. Leinart Law Firm has a team of dedicated attorneys who can help guide you through the entire bankruptcy process from start to finish. As part of that process, we want to provide clients with all the resources to assist with the stressors of bankruptcy.
Determining the Right Course of Action
If you are a senior with an exceeding amount of debt, bankruptcy may be the right choice. You first need to discuss your options with an experienced bankruptcy attorney. They will gather your financial information and assist you in making the best decision for your particular situation. Whether it is credit counseling or bankruptcy, you want to make sure you are on the right path.
Bankruptcy Protections for Seniors
While it may be difficult to accept that you are in such big financial trouble, there are protections in bankruptcy that are to your benefit. For instance, creditors cannot touch Social Security benefits. Private pensions and life insurance assets are also given special protections. This can give you assurance that you won’t leave the bankruptcy process penniless. With the right planning, you can start to rebuild your life and improve your financial health.
Ask for Help and Support
The best thing you can do is to lean on your support system to help you through this stressful time. If you have family, ensure that you are able to talk openly and honestly with them regarding what is going on. If you feel uncomfortable discussing finances, look for free counseling that is often offered through senior centers or local organizations.