Bankruptcy for the Elderly
Sometimes a bankruptcy for the elderly is extremely important because while an elderly mother or father is still living, he or she can still file a bankruptcy and remove debt from the estate, so the children will have an inheritance. Debt that has not been discharged in a bankruptcy that exists upon the demise of the parent will be owed by the probate estate of that parent and can no longer be discharged in bankruptcy. This debt can ruin an inheritance. If it is credit card debt, most of it will inevitably be interest that has accrued at exorbitant rates.
Quite often a Chapter 7 for an elderly person or couple is quick and easy because it lack the complicating factors that other bankruptcies have to overcome, such as a high income or an existing business.