Can Bankruptcy Help Seniors Protect their Assets?

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This article in the New York Times is another reminder that financial distress is a form of cancer — and the sooner one gets diagnosed, develops and implements a sound treatment plan and addresses the issue, the better the outcome. The stigma associated with bankruptcy prevents many people from filing and this will only make the problem worse.

“Bankruptcy was a chance to hit the financial reset button,” according to the 65 year old man featured in the story. “Getting over the stigma of bankruptcy was the hardest part.”

The best strategy for seniors in financial distress is to protect their assets ASAP. Why? Retirement income and savings are usually exempt.  So is the primary residence.

When you notice stress related to money, your financial cancer is in stage 1.  With financial cancer, you need to see a board certified specialist right away, especially if you fall into the “senior” category. As most folks approaching their golden ages know, time is of the essence. Seniors have less time to recover from cancer, be it physical or financial.

Cossitt Law can help determine the type of bankruptcy that is best fit depending on your income and assets. Or we can use some of our tools of the trade to see if a non-bankruptcy option, such as negotiation, may be the best path forward. Contact us at 406.752.5616 to set up a consultation.

Read the NY Times article about seniors and bankruptcy here.


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