All too often it is thought that it is only the young or middle age that run into financial difficulty and have to turn to bankruptcy as a solution for their financial dilemma. This is certainly not the case as many seniors have found that once they reach retirement that they are in serious financial trouble, and have no other solution but to go bankrupt.
One of their main concerns is their Social Security benefits as well as any disability benefits that they may be on. These are two sources of income that should be exempt from the bankruptcy proceedings. It is often advisable for those that are receiving Social Security benefits keep them in a separate bank account that is separate from any other sources of income that may not be protected.
Then once a bankruptcy action is started these bank accounts are certainly disclosed and put on the list but they have to be claimed as protected. Many seniors don’t realize that bankruptcy relief is there for them as well and they spend many months of frustration and worry over the financial situation not realizing that they too can take advantage of this form of debt relief.
It is most important that they speak to a Fort Worth bankruptcy attorney so that they can be assured that they are going to have some exemptions that they will be able to fall back on, and that they are not going to lose everything that they own and have worked so hard for. Most often with seniors it can be medical debt that has let them into a tough financial situation and these are debts that can be handled quite easily in a bankruptcy with the proper professional help.