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More seniors filing for Chapter 7

It is widely accepted that post-retirement life, or the so-called Golden Years, are meant for enjoying the fruits of a lifetime of labor. However, for some Kentucky seniors, this could not be further from the truth. A tough economy is taking its toll on the over-65 crowd, leading many to seek solutions for growing debt. Thankfully, a Chapter 7 bankruptcy can be very helpful in this instance, if debtors file with time to spare.

Over the last several decades, as some research papers have pointed out, the security net designed to protect the elderly has been shrinking. Reduced income as a result of retirement is not always enough to cover skyrocketing health care costs. As a result, older Americans make up a demographic that is increasingly at risk for high levels of debt, with little way to pay it off.

While Chapter 7 bankruptcy is a viable solution, elderly people are known to be reticent to file, partially due to the negative social perception of bankruptcy. This causes many people to wait until their personal wealth is totally exhausted to even consider filing, meaning it is that much harder for them to get back on their feet. When accounting for the advanced age of this demographic, some are unable to recover before the end of their lives.

While this may sound dire to the average Kentucky resident, for many over-65 individuals facing serious debt, there is still time. Seeking out the support of a qualified bankruptcy attorney in advance of filing for Chapter 7 can make all the difference in the world to an older person struggling under medical or other debt. By guiding them through the filing process, an experienced attorney can smooth the road to financial freedom, allowing older people to enjoy their Golden Years the way they were meant to be enjoyed.

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Law Office of Ginger C. Cord, PSC
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Lexington, KY 40507

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