September 7th, 2009 by Reed Allmand 
This economy has hit senior citizens very hard. Many seniors were already financially stressed with fixed incomes and rising prices due to inflation when the foreclosure crisis hit, sending many into financial crisis mode, especially those who had refinanced their mortgages and owed significant debt. For many, bankruptcy has become a “reluctant” option due to an unearned stigma and many beliefs about repaying debt regardless of the cost to the individual and the family’s well-being. Although it is important to repay debts, many senior citizens are clearly in financial crisis and cannot pull through without the assistance of bankruptcy relief.
For those senior citizens struggling financially, you should probably consider bankruptcy if:
- You are facing foreclosure.
- You have large credit card debts.
- Credit card companies are suing you.
- Creditors have won a judgment against you and are threatening to put a lien on your house.
- You are exhausting your savings and retirement accounts to repay debt or save your home from foreclosure.
If you are a senior citizen facing any of these scenarios listed above you should contact a Dallas-Fort Worth bankruptcy attorney immediately to learn about your bankruptcy options. Bankruptcy can put an immediate end to creditor’s harassing phone calls, lawsuits, judgments, bank account seizures and even foreclosure.
Source:
Bankruptcy Law Network
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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