While there is not a bankruptcy filing specific to elderly individuals, filing an “elderly bankruptcy” is something to consider if you’re entering your golden years with considerable debt. Most elderly individuals are living on a fixed income without a significant ability to repay creditors. While younger individuals can look forward to increasing their income as a way to manage debt, the elderly do not have that option.
Most elderly individuals do not anticipate taking on large credit obligations in their later years. This means a new car, new home, or even credit cards, are not in the foreseeable future. As a result, an elderly bankruptcy will not serve to disrupt an individual’s lifestyle or future financial needs. In fact, it will serve to immediately increase their monthly disposable income, because that income will not be going toward the repayment of debt.
The ability to handle the stress caused by debt diminishes as you grow older. Losing sleep over credit card balances or medical bills can take a toll on an older individual in ways that may even manifest in their physical health. It’s simply not worth it.
Nursing Home and Senior Living Concerns
Having a bankruptcy on their credit report will typically not affect an elderly person. So long as they can demonstrate the ability to pay, most senior living facilities are not concerned with an elderly individual’s credit report.
Call An Attorney
If you have questions about filing an elderly bankruptcy, or whether bankruptcy might be right for one of your parents or grandparents, please call 704.749.7747 to get your questions answered.