Elderly people who are trying to pay off big credit card debt with really limited income, typically only Social Security have been showing up more frequently lately. These consumers want to pay their debts off badly, but in our professional view, it is neither possible nor prudent to make the sacrifices necessary to do so.
In an effort to uphold their ideals about debt repayment, I worry that too many of our seniors are under constant stress and making sacrifices with regard to their dietary needs, medical care, and emergency financial reserves.
Credit cards and credit card interest rates make it impossible to pay off this debt with retirement income.
Some elderly people continue to pay because of fear. They are unaware of the safeguards against debt collectors that are included in our legislation. They are frequently the target of intimidation by collectors. Their lack of acquaintance with the law makes that intimidation thrive.
However, the stress and anxiety that mounting debt brings on is harmful. The elderly need to be aware that Social Security benefits cannot be withheld or charged in order to settle common obligations. Elderly people who are heavily in debt are frequently judgement proof. Everything they own is protected by an exemption, making it impossible for a creditor with a judgement to seize anything from them.
Retirement benefits and pension payments are also protected by state law in California, providing further security for retirees who don’t want to file for bankruptcy.
If you reside or visit Los Angeles or Texas, Recovery Law Group is a recognised firm that can help you with any of your bankruptcy-related issues. You may reach them by phone at (888) 297-6203 or online at https://recoverylawgroup.com/bankruptcy/
We should implore anyone who provide care for the elderly—family members, other caregivers, and professionals—to be on the lookout for signs of excessive consumer debt.
Perhaps the only demographic to gain from the most recent bankruptcy law revisions is older people. While bankruptcy offers the benefit of being definite when it comes to paying off debt, there are other options that might not be as tidy but are mainly effective in helping our elderly gain relief from debt.