As Americans grow older, we face increasing challenges, and too many of us are facing a new problem in what should be the “golden years” of retirement — the need to file for bankruptcy. According to an article in The New York Times, citing a study from the Consumer Bankruptcy Project, the rate of people 65 and older filing for bankruptcy has tripled since 1991. From February 2013 to November 2016, there were 3.6 bankruptcy filers per 1,000 people aged 65 to 74; in 1991, there were 1.2. Older Americans also account for an increased share of all filers — 12.2 percent are now 65 or older, up from 2.1 percent in 1991. The situation is troubling, because older people who get into financial trouble have few places to turn, often are dealing with declining health, have difficulty finding jobs, and don’t have enough time to recover and get back on their feet. Filing for bankruptcy becomes their last option. If you are an older individual struggling with debt, there is help available. The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that even the most well-intentioned people can find themselves in a financial hole. We offer a free consultation to evaluate your financial situation and examine your income, debts, and goals. Contact us online or call our offices for your free consultation so we can determine what debt relief solutions will work best for you. Reasons Why Older Americans File BankruptcyThe social safety nets Americans once counted on are shrinking, leaving older people vulnerable to financial disaster. Problems that lead to bankruptcy include:
What Bankruptcy Can DoAs a result of these increased financial burdens, it’s no wonder that struggling seniors turn to bankruptcy. Bankruptcy is a legal way to have many debts forgiven and provide a fresh financial start. The most common types are Chapter 7 and Chapter 13.
Contact Us and Get HelpIf you are a senior and your financial problems have become overwhelming, you should seek legal assistance. Going through bankruptcy on your own still brings the same filing and court fees as using an attorney, and even the simplest bankruptcy cases require completing extensive forms, researching exemption laws, and following all local court rules within certain time limits. Making mistakes or filing incorrectly could result in paying more or having your bankruptcy dismissed without eliminating your debts. The experienced and compassionate Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer can provide a helping hand. We offer a free consultation to evaluate your entire financial situation. We will make sure you are aware of all your options and help you decide on the path to a brighter future that makes sense in your individual case. We understand what you are going through and will handle every phase of the process. Don’t delay. Contact us online or call our offices today to set up your free consultation. The post Why Older Americans are Filing for Bankruptcy appeared first on FCW. via Tumblr Why Older Americans are Filing for Bankruptcy
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Bankruptcy is a debt relief remedy established by federal law. Fesenmyer Cousino Weinzimmer attorneys are available to carefully discuss and review your financial situation during your free consultation. For a consultation call us at 614-228-4435. |