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Bankruptcy: Debt a growing concern for retired individuals

| May 11, 2018 | Chapter 7 Bankruptcy

Carrying substantial amounts of debt can be a burden for many individuals in Oregon and elsewhere, regardless of age. However, those who are saddled with debt upon entering retirement may face additional challenges that often come with living on a fixed income. Since monetary struggles could have a devastating impact on the life of a retiree, those experiencing such troubles could find it helpful to speak with a bankruptcy attorney for advice on how to pursue some much-needed relief.

Many individuals spend years saving and forming a strategy for retirement. However, upon coming up with a plan for this period in life, few may factor in the possibility of entering this stage with high amounts of debt. After reaching a certain age, some may experience a decrease in their ability to earn, and when living on a fixed income, added financial obligations can prove exceedingly challenging to endure.

Unfortunately, studies suggest that many individuals are entering retirement with outstanding debts. While the majority of these debts may revolve around mortgages, studies also indicate that credit card and medical debts are a growing concern for many. These issues could lead a retiree to attempt to cut expenses that may otherwise be necessary, such as medications or even everyday items that are necessary to life.

Debt can have a wide range of negative impacts on a person who is entering or has entered retirement. Those who face significant financial concerns at this point in life may wish to protect their financial futures, but they might be uncertain where to turn for guidance. A bankruptcy attorney in Oregon can evaluate a person’s financial situation and provide guidance on the best course of action to take to reduce or eliminate debts and pursue monetary relief.

Source: azcentral.com, “The new normal: Carrying debt at age 75 and up“, Russ Wiles, May 6, 2018

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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.