I have been filing bankruptcy cases for about 27 years now and I recently noticed that the Meeting of Creditors Hearing is starting to look like an AARP meeting.
This should come as no particular surprise. There are lots of articles being written everyday about the fact that most of the Baby Boom generation does not have enough money to retire. So, when they retire, either by choice or not, many are surprised that Social Security is not going to pay them enough to live on and pay their current debts.
Bankruptcy can be invaluable in cases such as these and help retirees to stay in their homes while wiping out their unsecured debt (credit cards and medical bills). Also, it is very important that retirees do not use their retirement savings to pay off unsecured debt unless they have enough money to also provide for their future, which few do.
In the past, our grandparents almost never had a mortgage on their home by the time they retired, but now it is the norm that people are retiring and trying to continue to make a mortgage payment. Sometimes, it is importand to wipe out the unsecured debt so that they can do this.
I have been helping people prepare for their retirement years by showing them a way forward with financial security. Please call me before you liquidate your retirment savings needlessly. I can help you make plans.