Chapter 7 Bankruptcy Can Help Struggling Seniors

Chapter 7 Bankruptcy Can Help Struggling Seniors

A man in another state recently made national headlines for heading back to work at the age of 87 in order to pay for his wife’s ever-increasing medical bills. Sadly, he is not alone. Many older Americans in Illinois and elsewhere are re-entering the workforce due to medical and other debts. Some of them may find Chapter 7 bankruptcy a better option.

According to reports, the health of this man’s wife started to decline some time ago. She can do very little around the house. The couple moved from their home into a small apartment to make things easier on her. She is frequently hospitalized and doctors keep finding new things wrong with her aging body. The couple has sold most of their possessions in order to pay her medical bills, but it just is not enough anymore.

Statistics show that over the last year, over 255,000 retirees in their mid-80s or older have come out of retirement due to financial difficulties. The number of senior citizens who have filed for bankruptcy has vastly increased since 1991. This is just an age group that is financially strapped and most cannot afford major unexpected expenses.

No one wants to spend their retirement years worried about money. Unfortunately, that is the reality for many seniors in Illinois. Those individuals who are on fixed incomes and find themselves facing debt obligations that are beyond their means to pay may find relief with Chapter 7 bankruptcy. Medical and other debts can be completely cleared if one’s filing receives court approval. An experienced attorney can review the details of one’s economic situation and help one pursue the debt relief option best suited for it.

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