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Heading into retirement, is filing Chapter 13 or 7 a good option?

Debt, just about everyone has it. It does not matter at what phase of one's adult life one is currently in, money struggles can happen at any time. Illinois residents, particularly those who are heading into or currently in their retirement years and are burdened with significant debt, may want to know if filing a Chapter 13 or 7 bankruptcy is the right way to address their situations.

A 63-year-old woman in another state did recently reach out to a financial advisor with such a concern. She has a car loan, a mortgage on a house that constantly needs repairs and quite a bit of credit card debt. She is already retired and her monthly income is not enough to cover all of her living expenses and debts.

Here is the thing with debt and fixed income: bankruptcy may be the answer but then again it may not. Every situation is different. There is not one-size-fits-all approach to handling this type of situation. Some people may be able to pay down their debt even on fixed retirement income, and some people will not.

So, during retirement, is pursuing a Chapter 13 or 7 bankruptcy a good option? Maybe. Illinois residents who want to know what debt relief options would best benefit their circumstances can turn to an experienced attorney who will be a able to review their finances and offer guidance. If it turns out that bankruptcy is the right fit, further assistance can be provided in pursuing the right bankruptcy option and fighting for court approval.

Source: USA Today, "Powell Q&A: I'm drowning in debt and 63 years old. Should I file for bankruptcy?", Robert Powell, April 25, 2018

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