A Personal Note from Craig D. Robins, Esq. about
Debts and the Elderly on Long Island
We have seen an alarming increase in the number of elderly Long Islanders who can barely survive financially because their credit card debts consume most of their income, which is often limited to just social security and pension plan payments.
These clients often want to desperately make payments on their debts. However, in my professional opinion, it is neither possible to pay them off, nor wise to make the sacrifices to do so, especially with the incredible cost of today's health care. Higher prices for ordinary consumer goods and the increased cost of energy have hit seniors on fixed budgets especially hard. And we all know that medical costs are through the roof.
The sad truth is that too many of our senior citizens with debt problems are enduring continuing and unnecessary stress. They scrimp on food, forgo necessary medical treatment, and do not save emergency cash reserves, all in an attempt to honor their values and beliefs about repaying their credit card debts. But here is the reality: paying overwhelming credit card debts, with excessive credit card interest rates and late fees and penalties, is simply not feasible.
Debt-ridden seniors frequently are judgment proof. However, that does not stop creditor harassment. Even a senior citizen who is judgment proof can have their bank account garnished. The worry and stress that debt accumulation causes is unhealthy – especially to those in their golden years.
We urge family and other care-givers and professionals supporting the elderly to be alert for evidence of unmanageable consumer debt, and encourage the elderly to get legal advice on whether bankruptcy is appropriate for them. The federal bankruptcy laws help people of all ages get a fresh new financial start. Debt-ridden senior citizens with debt problems should seriously consider bankruptcy relief as an option. Frequently, a Chapter 7 bankruptcy will eliminate all debts – all quite painlessly.
If someone you know is elderly, and having difficulty with their debts, we provide a free, compassionate and confidential consultation. We regularly represent senior citizens with debt problems and treat them with courtesy, kindness and respect. Please call us for a free bankruptcy consultation.