While many Georgians continue to struggle in the wake of the 2008 Economic Recession, senior citizens may face unique and significant financial hurdles due to circumstances beyond their control. For many in the elderly population, the best way to get over these hurdles is to file for bankruptcy. If you or a loved one is considering filing for bankruptcy as a senior citizen, read on to learn more about the common issues that come up with this type of case, and be sure to contact our office to speak directly to an attorney who can answer your questions.
Filing for bankruptcy can help you get out from under your medical bills. It is an unfortunate fact that many in our aging population have significant health problems that require constant medical attention, including doctor visits, procedures, and regular medications. The good news is that a person can file a Chapter 7 bankruptcy in order to discharge (get rid of) the mountains of medical debt. However, there are two important issues to consider in trying to discharge medical debt. First, not everyone can qualify for filing a Chapter 7 bankruptcy. Second, the medical debt that can be discharged is limited to the debt that has accrued as of the date that the Chapter 7 bankruptcy is filed (which is called the petition date). Debt incurred after the petition date will survive the bankruptcy.
Your social security income will not count against you. Many seniors are afraid that, even though they do not have official employment, they will still not qualify for bankruptcy because they collect social security. There is more good news to share here because the social security income will not be counted as income when completing the Means Test that is required to determine Chapter 7 eligibility.