A recent New York Times article regarding elderly bankruptcy makes some important points for those entering their ‘twilight years’ while facing financial difficulty.
While there are no special considerations given to the elderly or senior citizens considering bankruptcy, the primary focus on the article is retirement funds. When individuals reach the age of retirement, outside of other income coming in, retirement funds serve as the only available funds for paying bills. What most people fail to consider is that all retirement funds are exempt in bankruptcy—so it doesn’t make sense to spend your retirement paying bills that would be discharged in a bankruptcy.
If you have questions about filing bankruptcy, please call 704.749.7747 to talk to an attorney today. There are options, whether you’re single, married, young or old. Bankruptcy can provide tremendous relief.