How does debt and bankruptcy affect senior citizens?

May 21, 2019
>> Bankruptcy, Credit cards, Creditors, Debt

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.

Bankruptcy, Bankruptcy Myths, Brooklyn Bankruptcy, Credit card debt, Elderly, Judgment proof, New York Bankruptcy, New York Bankruptcy Lawyer

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

Recent Posts

Beware Grace Periods, Debtors

February 7, 2022

Too often, debtors see grace periods offered by lenders as free benefits. “Grace” makes it sound so innocent. However, debtors who routinely rely on grace periods when making payments will find themselves facing financial difficulties that might lead to bankruptcy. The reason is that although creditors offer grace periods to debtors, they also use them

Bankruptcy May Not Rescue You From Vicious Personal Disputes

January 21, 2022

Bankruptcy is a technical process that assumes everyone working within it is mostly rational. To the extent that it expects parties to deviate from irrational behavior, the Bankruptcy Code and its accompanying rules include incentives to keep parties in line. Creditors are usually large and impersonal, and they rarely care if their debtors file bankruptcy.

Non-Lawyers’ Explanations of Bankruptcy May Be Wrong

January 10, 2022

Do you have financial problems? Do you tend to ask your friends for advice? Is one of your friends an experienced New York bankruptcy lawyer who will explain the process for you? Are your friends otherwise knowledgeable people? The answer to these questions may be, “Yes but you don’t know it.” Although many bankruptcy lawyers

6 Steps to Take Before Filing Bankruptcy

January 3, 2022

Leaving your case to an experienced New York bankruptcy lawyer is not the only step on the to-do list before filing bankruptcy. There are many things debtors should do (and not do) before they file, and the more organized and mindful debtors are, the easier the process will be and the more effective the result.

Social Security Number Not Necessary for Bankruptcy

December 2, 2021

A question that’s commonly asked about New York bankruptcy is whether a debtor needs a Social Security number to file. Debtors ask because they sometimes run across the bankruptcy form title, “Your Statement About Your Social Security Numbers” (B 121), which asks debtors to list their current and prior Social Security numbers. The new bankruptcy

How Can a Debtor (or Creditor) Get a New Trustee?

November 19, 2021

The trustee in a New York bankruptcy case is usually not the debtor’s ally. His or her purpose is mainly to administer the bankruptcy estate or ensure the debtor’s repayment plan goes according to plan. Trustees pursue preference payments, fraudulent conveyances, and other malfeasance committed by debtors. They frequently initiate adversary proceedings against debtors. In

Free Consultation

(718) 855-6840

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.