We are bankruptcy attorneys located in Eastgate, Ohio. We specialize in Chapter 7 and Chapter 13 bankruptcy filings.
Bankruptcy is generally designed to help people who are underwater with debt gain a fresh start. While that is sounds in principle, there is one group in our society who don’t really need a fresh start, they just need a clean end, and that’s our elderly. We have a rapidly growing senior citizen population and while many have been able to plan for the future with quality pension and health insurance plans, there are just as many who rely on social security. Problems really develop when this same group are suddenly hit with demands from creditors on debts they have co-signed on, often for their children and grandchildren.
In most cases, if a senior citizen is collecting social security, then they will most likely travel through the bankruptcy process with no problem, they won’t lose a thing. Even if they own their home outright the exemption for Ohio is high enough that it will most likely protect their home.
Social security and pension plan payments are exempt from bankruptcy. When it comes to assets, many of our seniors have little to show for their life’s work and what they do have is often well aged and with little resale value. These assets are worthless to a bankruptcy trustee since the cost of selling them may well exceed the value earned.
What does concern many welfare workers in this area is the pressure our seniors place on themselves to pay debts when they are really struggling to pay for food and medication. Many seniors today were raised that bankruptcy is not an option and do not see bankruptcy as a way for a fresh start and view it as a failure. Many elderly need to realize it’s an option that may allow them to retire with a more comfortable lifestyle.
Contact our office today to see if bankruptcy will be able to help you or your aging parents get a fresh financial start.
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Call your Eastgate, Ohio bankruptcy attorney today. We offer a free consultation, fair fees and monthly payment plans.