Deep debt is always a difficult thing to get out of, no matter how easy it seemed to get in. More Americans are facing various types of debt, including insidious consumer debt, which can ruin credit for years and cause lifelong financial problems.
Bankruptcy may seem just as daunting, but it can be the right choice for certain types of debtors. The process can relieve or cancel several types of debts, possibly while allowing debtors to retain their property and assets. An attorney may help people sort out their debts and make the right choice about bankruptcy.
Ohio and the rest of the country is observing an upswing in senior citizens declaring bankruptcy. This comes as medical debt is the top source of personal bankruptcy filings in the United States. Elder people, especially with health complications, may be massing debt to pay for treatments.
Senior citizens are also less likely to be financially literate in the 21st century, a time when the Internet and technological devices are main sources of financial information and management. Constant calls from creditors may also place undue stress on retired people suffering various medical conditions.
"Bankruptcy brings emotional relief," according to a bankruptcy lawyer. "The biggest benefit of bankruptcy is mental health." This alone may make bankruptcy an attractive option for those with high levels of medical debt or consumer debt used to pay for medical expenses.
"Don't feel guilty," said one senior who found solace in bankruptcy. "Filing bankruptcy was an emotional lifesaver for me."
Source: Next Avenue, "The Reasons More Older Americans Are Filing for Bankruptcy," Tami Kamin Meyer, Nov. 16, 2017