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The office is open as per the NYS Covid-19 guidelines. We are now doing both in-person and telephone consultations. Please call the office at 718-855-6840 to schedule a time to speak with one of our experienced bankruptcy attorneys.

How does debt and bankruptcy affect senior citizens?

Elderly Americans are frequently victims of debt problems and need to file bankruptcy.  Especially those on fixed incomes.  However, many senior citizens don’t realize that they also have certain advantages afforded to them under the bankruptcy laws.

For example, retirement accounts and social security income are almost always protected from creditors. And many senior citizens are “judgment proof,” which means that even if a creditor takes legal action and sues such a person, they won’t be able to recover anything because there aren’t enough assets and/or the assets that do exist are protected by the bankruptcy laws.

A problem for many senior citizens is that they feel obligated to make the minimum monthly payments on their credit cards, even though it may take years and years to pay off the debt — and even at the expense of cuts to what they spend on basics like food and healthcare.  What they may not realize is that filing for bankruptcy no longer has the same stigma it used to have.  And that the bankruptcy laws are in place specifically to help people in their situation so that they don’t have to live in an inescapable “debtor’s prison.”

If you’re facing financial struggles and are considering filing for bankruptcy in New York, please feel free to contact me for a free initial consultation.  I’ll help you understand your options and how to best protect your assets and get the full benefit of the bankruptcy laws available to you.

Contact Bruce Weiner, Esq.

EMAIL Bruce Weiner
Phone
(718) 855-6840 (Local)
(866) 402-8476 (Toll Free)
Fax (718) 625-1966

Go to fair debt collection practices act to learn more about Rosenberg Musso & Weiner LLP and/or to set up a free consultation.

Rosenberg, Musso & Weiner, L.L.P
26 Court St # 2211
Brooklyn, NY 11242, USA
718-855-6840
http://nybankruptcy.net/

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