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Elderly people often have more reasons than any to file a bankruptcy. Some of those reasons are as follows:
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Social Security is not includable in the means test, so it is easier for the elderly to qualify for a Chapter 7.
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Most of the debts of the elderly are normally incurred before retirement. So the permanent benefit of a Chapter 7 is more likely because the financial status has already changed.
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It is beneficial for the heirs of the elderly debtors file a Chapter 7. The reason is that when the debts are discharged in a Chapter 7 and the elderly person later deceases, he leaves no debts to be paid by his estate. So the heirs inherit the entire estate.
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The stress of debt on elderly people is often more that they can bear.
(We are AARP attorneys)
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