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Why personal bankruptcy is an option for senior citizens

Many Americans were raised on the belief that if they worked hard and followed the rules, then financial success would be a guaranteed outcome. In reality, however, things are not quite that simple. There are many ways that senior citizens in Connecticut and other areas of the nation can encounter financial turmoil after spending their entire early and middle adulthoods playing by the rules. Fortunately, there are ways to overcome high levels of debt, including but not limited to filing for personal bankruptcy.

One issue that older Americans face involves the high cost of medical care. Even when someone has medical insurance or Medicare, it is still possible to rack up high levels of debt in relation to necessary medical care. Once those bills begin to get out of hand, it becomes very difficult to gain control and pay down those obligations. That is especially true for those who are living on a fixed income.

Older Americans are also at an elevated risk for fraud. There are many different scams that are specifically aimed at seniors. Often, scammers take advantage of the fact that many older people are unfamiliar with technology, and are more likely to respond to scam emails and other offers. Making matters worse, many older people are embarrassed after falling victim to a scam, and do not want to report the matter to the authorities, or admit their mistake to their families.

For those in Connecticut who are concerned about their own financial security, or the security of a loved one, it is important to take proactive measures. Some people find it helpful to work with a financial advisor, while others are content to hand off financial management to an adult child or other relative. For those who are entrenched in heavy debt, personal bankruptcy is a tool that can lead to a more stable financial outlook, which is important in one's later years.

Source: Forbes, "Three Best Ways To Go Broke In Retirement", Robert Laura, June 28, 2017

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