Few people envision their retirement as a difficult time. They plan to save, but things keep coming up and they aren’t able to put as much away as they would have liked for a comfortable retirement. Unfortunately, the reality for many senior citizens is that they are attempting to make ends meet using little more than social security. The result is often that seniors use credit cards or other loans to get by when their social security isn’t enough.
Some times at Halcomb Singler, LLP, we meet with seniors who have called us for help with their debt. Other times the senior’s child(ren) bring in their parents when they find out that debt has become an issue. Either way, we are glad that they called. The last thing that we want for seniors is for them to be stressed about debt and we have found that Senior citizens will go to lengths to pay creditors even if that sometimes includes skipping medicines or cutting back on their weekly trip to the grocery store. While debt is a source of stress for most people, we have found that Seniors are often especially sensitive to debt issues, sometimes causing them significant anxiety and/or loss of sleep.
Luckily, there are many legal tools available to assist Seniors who are struggling to pay debt. Seniors with limited means sometimes don’t even need to go through debt settlement or bankruptcy to solve their debt issues. This can be true when the Senior has minimal assets and their income stems only from protected sources such as social security or a pension. In Indiana, creditors are typically not able to garnish social security or pension payments that a Senior receives. If the Senior isn’t employed and doesn’t have any significant assets, it may be possible that our advice is to stop making payments to creditors and don’t file with the filing of a bankruptcy petition. In other cases Halcomb Singler has been successful in negotiation with creditors to obtain favorable settlement of debts.
And, from time to time when the Senior does have assets that are exempt pursuant to Indiana bankruptcy law, we determine whether they would be a good candidate for a Chapter 7 Bankruptcy. In the event that the senior will qualify for a Chapter 7 bankruptcy, then he or she will typically be able to get a fresh financial start and keep his or her assets.
We enjoy being able to take some financial stress away form seniors and their families and approach each debt situation individually. In the event that you or a family member lives in or near the Indianapolis area and is struggling with debt, we offer a free initial consultation to determine whether bankruptcy, debt settlement or another option would be the best way to solve the financial situation. For an appointment contact our office at (317) 575-8222 or click here.