Chicago’s aging population sadly has something else to fret about; by age alone, they are part of the fastest growing population turning to bankruptcy as a solution for their mounting debt. Demos, a public policy group based in Washington, D.C. recently reported that Americans 65 years and older owe an average of $10,235 on their credit cards. This number has risen sharply by over 25% in just the last seven years. Often times, credit card debt isn’t the only debt our senior population struggles with; often times there are thousands of dollars in medical debts as well.
Chicago Seniors Can Ease The Pain of Mounting Debt
In many instances, our retired population turns to using credit cards when their cost of living exceeds their retirement income. It can be for groceries, prescription medications, or any variety of expenses and purchases. As the debt continues to mount, many local senior citizens have no option but to turn to a Chicago bankruptcy attorney to assist them. Under the laws of a Chapter 7 bankruptcy, assets are sold by a Trustee to pay the debts. A Chapter 13 bankruptcy does not require the liquidation of homes and vehicles in most cases; it instead provides for debts to be restructured into a payment plan. It is wise to consult with a Chicago bankruptcy lawyer to ensure the right course of action is charted.
Mountains Of Debt Causes Mounds of Stress
Excessive stress has been linked to many serious health conditions, and it is even more pronounced for our seniors. Often times, the weight of unpaid bills, collection calls, and notices of repossession places significant stress on the elderly and they feel there is no hope. If a senior you know is experiencing hardship with their bills, encourage them tocontact a bankruptcy attorney in Chicago as quickly as possible. Bankruptcy doesn’t happen over night; it is a process that requires the gathering of tax records, bank statements, titles, deeds, and much more. The sooner a Chicago bankruptcy lawyer gets involved, the sooner seniors will be relieved from the stress of their finances.
Decades ago when the term “golden years” was coined, seniors didn’t have the debt they do today, and likely had a stable retirement fund that provided for their necessary living expenses. Today, there is no embarrassment in choosing to file bankruptcy; it is a practice that enables American’s struggling with debt the ability for a new fresh start. Our elderly population deserves the same respect and understanding. Contact a Chicago bankruptcy attorney today if someone you love is overburdened with stress due to mounting debt.