Lately, I have seen an increase in mature debtors seeking bankruptcy assistance. They come to us for many reasons, whether it is from a reduction in income due to retirement, struggling to help children, additional health and medical expenses or, simply, the current status of the economy. Many of these older Americans have worked hard all of their lives to have something for their golden years and, sometimes unavoidably, many past retirement age, are still working to make ends meet. A lot of these folks who have no knowledge or experience with bankruptcy are fearful that if they file for bankruptcy, they will lose everything that they have worked for all of their lives. “I will lose everything,” is a common myth about bankruptcy. This is simply not the case. In fact, bankruptcy, particularly chapter 13 debt consolidation, can be a valuable tool to protect a person’s assets from creditor seizure and allow him or her to pay debts.
Many times creditors grow impatient in their collection efforts and will eventually seek a judgments as a tool for seizing property and other assets that that a person has worked a lifetime to gain. A chapter 13 debt consolidation, or reorganization, can be a viable way to protect all the assets that one has gained. You should not give your creditors the opportunity to seize your assets that you have worked hard to obtain until you have explored all of your options.
Bankruptcy is not always the first option that one looks at to resolve their financial problems, and it shouldn’t be, but, at a minimum, it should be explored if someone is being hounded and harassed by creditors. Bankruptcy can help a person avoid much heartache and stress in the future. If you are contemplating how to solve your money problems without compromising or losing assets that you have worked hard to get, please call for a free consultation with an attorney in one of our offices to find out if bankruptcy is the right choice for you.