As inflation becomes more and more of a problem, the elderly are having an increasingly difficult time getting by and making day-to-day payments.
Adding to the frustration of being on a fixed income is the rising cost of healthcare. While stores including Wal-Mart and Target may have some generic medications at discounted rates, specialized treatment can get very expensive. No person should have to choose between medication and food or rent, but it happens.
And medical bills are a major factor in why people declare bankruptcy. For older people in Colorado who are living on a fixed income such as a pension, Social Security and Medicare, having a catastrophic medical event can put them into a financial spiral that is difficult to overcome. And they wouldn’t be alone. As of 2009, 60 percent of Americans who file for bankruptcy do so because of medical bills.
But Colorado Springs Bankruptcy Lawyer Stephen H. Swift can help. Considering bankruptcy is a big step, but it’s an important one for people who are struggling with debt at their current income level.
Why Should the Elderly Consider Colorado Bankruptcy?
Economic pressures may have caused a person at near-retirement age to take out a second mortgage on their house. It’s an option many people utilize, but if that person was laid off or missed significant work time because of medical issues, those monthly mortgage payments may become a major hardship.
If the house isn’t paid off later in life, when earning capacity shrinks and the reliance on investments is at its peak, it can cause significant debt problems.
And unlike the popular theory that your debt dies with you, the truth is that your family members can be left paying the bills that you leave behind when you die. Creditors will go after inheritances and try to get beneficiaries to pay down debts that parents have left behind. While they may not be obligated to do so, they may feel pressured into it.
In other cases, co-signers on loans or spouses likely will be obligated to take on that debt, which can make their lives more difficult. And no older person wants to be a burden on their loved ones, especially after death.
So, what should I do?
The first thing an older person who is struggling with debt should do is get in touch with a professional who can help. The Law Office of Stephen H. Swift is available for a free initial consultation. Bankruptcy isn’t right for everyone, but our office is available to discuss your situation, your rights and what your best options are.
The last thing a person should do is give in to the pressures of collections agencies, banks and credit card companies. They are paid to collect money and don’t care if the person on the other end of the line is confused about their rights or the process. Don’t trust these people. Hang up and call for a free consultation.
Serving clients in in Colorado Springs, Pueblo, Denver and the surrounding area.
At the Law Office of Stephen H. Swift, we are committed to guiding you on the path to a fresh start. Call today for a free initial consultation or contact us through this website.
Colorado Springs bankruptcy – 866-893-2440 or 719-520-0164 – legal consultation
