Determining if bankruptcy is right for you as a senior citizen
Living as a senior citizen in New York can be enjoyable for so many reasons. It can also be quite scary if your financial situation is in ruins. Just because you’ve worked your entire life doesn’t mean that your finances will be in good shape. It all depends on how you handle your finances and credit. Let’s take a look at bankruptcy as a senior citizen so you can determine if it’s right for you.
Here are a few reasons why you should consider filing for bankruptcy as a senior citizen:
- Consolidate debt on credit cards
- Negotiate new terms on secured loans
- Defer debt
- Reduce the interest on your debt
- Negotiate debt terms professionally
Many seniors worry that if they go to file for bankruptcy that they will wind up losing their retirement accounts. These accounts are actually protected in bankruptcy, especially when you opt to file for Chapter 13 bankruptcy. Chapter 13 is a better option for seniors if they have a large pension to their name. Chapter 7 will not be an option due to this.
Bankruptcy does not have to ruin your life as a senior citizen. You will still be able live your life as planned so long as you have the finances coming in each month. If you need to move to a retirement home due to bankruptcy, the home cannot reject your application under federal law.
Bankruptcy later in life is never out of the question. The reason for this is that there’s always options and time. If you are planning to travel and truly enjoy your retirement, then it’s time to speak with a bankruptcy attorney about filing in Long Island.