Bankruptcy for the Elderly
Senior citizens and the elderly are especially vulnerable to depression and anxiety. Some of them have been taught that financial trouble is a sign of moral failure. We recommend reading the book They Went Broke by Gary Jones to gain a more realistic perspective.
Some elderly persons find themselves overextended by helping their children and grandchildren to a greater extent than they are able. While financial planners are helpful in preventing financial disasters, sometimes unforeseeable and unavoidable mishaps cause older people to have to consult attorneys for help. Many elderly do not have to file bankruptcy and just need to talk to a professional to find out all of their options.
Carolyn Chesnutt
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.
Charles Chesnutt