For many seniors, Social Security benefits are critical to providing for monthly living expenses. A slight adjustment up or down by the government can have a significant impact on day-to-day life. When it comes to bankruptcy, they are naturally concerned about the impact on benefits.
Colorado Springs Bankruptcy Attorney Stephen H. Swift and each member of our staff are committed to assisting seniors who are struggling with debt. We want you to know that your Social Security benefits are protected from seizure, or from garnishment, and will not be impacted by a Chapter 7 or Chapter 13 bankruptcy.
Unfortunately, far too many seniors are struggling with debt. Medical bills, credit card debt and the demands of living on a fixed income often lead to financial difficulties. In general, the longer retired residents live, the more likely financial problems are to arise. And the more likely seniors are to turn to reverse mortgages, credit cards with high interest rates, or outright scams.
Social Security Benefits and Bankruptcy in Colorado Springs
But you can rest assured, worrying about your Social Security benefits should not be part of the equation. According to Section 207 of the Social Security Act:
- “Your rights shall not be transferable or assignable. None of the moneys … shall be subject to execution, levy, attachment, garnishment or other legal process, or to the operation of any bankruptcy or insolvency law.”
- Where a Colorado Springs bankruptcy attorney will need to fight for your rights is in protecting assets comprised of Social Security benefits, such as banking accounts.
- Many other types of retirement accounts are also protected by bankruptcy laws, including 401k plans, IRA funds, pension funds, certain lawsuit proceeds, certain life insurance proceeds and disability benefits.
Retirees and the Benefits of Colorado Bankruptcy
Colorado Springs Bankruptcy Lawyer Stephen Swift is committed to assisting retirees who are struggling with debt. After a lifetime of working, raising children, supporting a family and paying taxes, no one should be faced with insurmountable debt in their Golden Years.
We all face money problems in life. But once retired, and living on a fixed income, debt can quickly become overwhelming. Collection calls and other high-pressure tactics by debt collectors can lead to depression, health problems and even premature death.
By proactively seeking assistance with your financial issues, you can help ensure your quality-of-life is not compromised by money problems. Often retirees, and the older generation in general, are loathed to seek financial assistance. Unfortunately, financial scammers, high-interest loan sharks, and others too often use such sensibilities to their advantage. The truth of the matter is that medical bills and predatory lending can be inescapable traps.
Filing for bankruptcy protection in Colorado Springs can put you back in the driver’s seat where you belong. Can give you your life back. And can once again give you the retirement of your dreams.
Contact the Law Office of Stephen H. Swift for a free initial consultation to discuss your situation, your rights and whether bankruptcy may be right for you. Serving clients in in Colorado Springs, Pueblo, Denver and the surrounding area.
Colorado Springs bankruptcy – 866-893-2440 or 719-520-0164 – legal consultation
