There are reasons why many older people have been filing for bankruptcy relief in Florida and in other states. It easy to see that it has become much more difficult to survive on a Social Security check. For many, working that extra job to supplement the monthly stipend from the government becomes less and less feasible the older they get. And for others, the financial pressure may boil over and call for filing a bankruptcy to get a fresh start.
Older people are riddled with medical expenses that Medicare does not cover. For those living solely on a Social Security check, the abrupt change of having less income available parlays into potential trouble if even just one or two credit cards are allowed to escalate to their limit. Fortunately, both medical bills and credit card debt can be eradicated quickly and permanently in a Chapter 7 bankruptcy provided under the auspices of the federal bankruptcy court.
Elderly citizens are most often influenced to seek the bankruptcy option because of overwhelming medical debt. It is surprising how much Medicare does not cover. In addition, both Medicare and Medicaid are set to take a bump downward as Congress intends to pass a tax cut bill that will greatly increase the deficit.
It is already established that cuts in the two medical assistance federal programs will contribute to financing the tax cut plan. People, however, pay for their Medicare out of their payroll checks so that it may be unfair to tax their Medicare benefits to which they should have a vested right. Elderly persons who owe overwhelming debt may have to encounter other problems that can ruin their emotional health and pump up their anxiety levels.
They may be exposed to a daily barrage of unfriendly bill collectors. They may be alone and by themselves, without sufficient counseling and other socialization functions to ease the pressure. It is suggested that elderly individuals and married couples that are affected visit the offices of a Florida consumer bankruptcy attorney to determine if they are qualified to file a Chapter 7, and to discuss the impact and strategies of the potential case.
Source: forbes.com, "The Reasons More Older Americans Are Filing For Bankruptcy", Tami Kamin Meyer, Nov. 16, 2017