2021

Are you a senior who struggles with debt? If so, you may wonder if bankruptcy protection is the right choice or not. How can you decide? Here are a few pros and cons for older debtors considering bankruptcy. Pros of Late-Life Bankruptcy Certainly, one of the biggest reasons to declare bankruptcy as a senior is to reduce your expenses and make retirement funds last longer. Going through your retirement funds too quickly or outspending pensions and Social Security checks is stressful and financially devastating.

A Chapter 13 bankruptcy is known as a wage earner's plan. With this chapter, you are supposed to propose a repayment plan that you will commit to for 3-5 years. During this period, creditors are forbidden from engaging in any collection efforts. It is essential to hire a bankruptcy attorney to help you file for bankruptcy. Here are some of the steps involved in filing a chapter 13 bankruptcy. Credit Counseling