Bankruptcy is designed to help people overly burdened with debt gain a fresh start. Often the person needing relief is a senior citizen. We have a rapidly growing senior population and while many have been able to plan for the future with quality pensions and health insurance plans, many rely solely on social security. Problems develop when these individuals are hit with demands from creditors on debts they have co-signed on, often for their children and grandchildren.
In most cases, if you are senior citizen collecting social security, you will likely travel through the bankruptcy process problem free. Even if you own your home or car outright the asset exemptions for Ohio residents is high enough that it will likely protect your home and your vehicle. If you are elderly, you may qualify to have the filing fee waived by the court.
Social security and pension plan payments are exempt in bankruptcy. In other words, they will not be touched by the bankruptcy court.
Many seniors place undue pressure on themselves to pay debts when they are struggling to pay for food and medication. Many were raised with the view that bankruptcy is not an option and see it as indicator of failure. In reality bankruptcy is a legal option that allows seniors to focus on their own needs and not their creditors.
Contact our office today to see if bankruptcy will be able to help you or your aging parents get a fresh financial start.
Call 513-752-3900 to schedule your free consultation with an experienced attorney. We offer a free consultation, fair fees and monthly payment plans. We are caring and knowledgeable attorneys.