During our time as consumer bankruptcy attorneys in Massachusetts, we have helped thousands of individuals and families throughout the years. Recently, our law office has seen an alarming number of senior citizens attempting to pay off credit card debt from meager cash flow, usually pulled from their monthly Social Security income or other fixed income sources.
Unfortunately, many of our seniors endure continuing stress, often having to cut back on food, critical prescriptions, or even medical treatments to honor their long-held values about paying their debts. The reality is that in certain circumstances, paying off unmanageable senior debt is simply not sensible with skyrocketing interest rates, late fees, and costly penalties.
Debt-ridden seniors are frequently “judgment proof,” meaning everything they have is protected by an exemption so that even a creditor with a judgment cannot take anything from them. The threat of lawsuits, frequent creditor calls, and the worry and stress caused by overwhelming debt are unnecessary and, more importantly, for seniors, unhealthy.
We urge senior-supporting families, caregivers, and professionals to stay vigilant for evidence of unmanageable debt regarding their senior loved ones. Just as we strongly encourage seniors to seek qualified legal counsel regarding financial matters, debts, or the possibility of declaring bankruptcy.
Everyone is entitled to the protections put forth by Federal Bankruptcy Court and the fresh start provided by the Bankruptcy Code. If you are a senior citizen struggling with debt or concerned for a loved one going through financial hardship, please give our offices a call today.
At The Consumer Bankruptcy Law Center, our passion is to provide you and your loved ones with all the information necessary to make the best decision towards living a financially burden-free life.
©2021 The Consumer Bankruptcy Law Center and the Law Offices of Michael Eramo. All Rights Reserved. Site designed and developed by Sperling Interactive.