No matter how hard an individual works, or how carefully they manage their money, there are a multitude of ways that financial issues can get out of hand. This is especially true for seniors, who face a unique set of challenges when it comes to financial security. When circumstances are not favorable, many older Tennessee residents can find themselves in need of effective and lasting debt relief. Chapter 7 bankruptcy is one way that seniors can regain financial stability as they move through their retirement.
One of the most common issues facing older Americans involves medical debt. It is estimated that as many as 72 percent of seniors who sought bankruptcy protection did so because of medical expenses. Even more distressing is the fact that those individuals had some type of health insurance when they fell into financial turmoil.
Another big issue facing older Americans is the prevalence of fraud. There are plenty of people out there who are in search of people to victimize, and senior citizens often fall into that category. Because older people grew up without the type of technology that is available today, many seniors are not especially tech savvy. That can leave them vulnerable to being tricked by scams that originate through email or fake websites. Making matters worse, many older people are ashamed at having been taken advantage of, and are reluctant to report acts of fraud.
It should also be noted that senior citizens can also find themselves in financial trouble for the exact same reasons that lead younger people into serious debt. No matter one's age or personal circumstances, Chapter 7 bankruptcy is a path out of debt and back toward financial stability. The process is straightforward, and Tennessee residents can emerge from heavy loads of debt in a relatively short period of time. That can make it much easier to enjoy one's retirement years and to spend time pursuing various hobbies and activities once the pressures of family obligations and career needs have passed.
Source: Forbes, "Three Best Ways To Go Broke In Retirement", Robert Laura, June 28, 2017