Limited or fixed income combined with rising costs of food, medical expenses, and living expenses leads to financial hardships for many seniors. Living off of small Social Security payments or survivor benefits, seniors often find that they don’t have enough money to get through the month. Some seniors are using their credit cards to make up the difference between their income and their debt.
More Seniors Filing Bankruptcy
Older Americans are filing for bankruptcy more often than in the past. These days families no longer live close to each other, and there are fewer adult children who can supplement the financial needs of their aging parents.
Seniors may also find themselves responsible for student loans if they co-signed the loans with their children. Purchasing homes later in life can also add to the financial burden if you are still paying a mortgage.
If a senior receives a large unexpected bill or a financial hardship, they may consider using their savings to pay that debt or cashing in their retirement accounts. This often leads to disastrous results when the senior finds that they do not have enough money, later on, to live on.
If you are reaching retirement age and you are worried that you won’t have enough money to pay your debt and be financially independent, contact a Plano bankruptcy attorney to find out how you can get financial stability in your senior years.