As the American population ages, more and more senior citizens are finding themselves in challenging financial situations. Indeed, in some cases, women in particular who survive their spouses, or whose spouses are no longer able to make decisions themselves, are faced with daunting decisions to make. This is particularly true if the family is already in debt. Thankfully, debt relief options are available here in Connecticut to help these individuals restore their financial stability.
Immediately, many financial advisors will recommend that elderly people seek the support of trusted younger family members in helping to determine the best course of action. Senior citizens can struggle with a litany of age-related illnesses that can influence their ability to make sound decisions for themselves. The help of family in this instance can be invaluable.
Depending on the unique financial situation facing a senior citizen, there are several options for debt consolidation. One such option is a reverse mortgage, which uses the home as equity for a loan that allows for paying down debts without making monthly payments. Another option is Chapter 7 bankruptcy, which liquidates assets to pay down unsecured loans like credit cards. In some cases, unsecured debt could be forgiven altogether.
There are many routes to debt relief, as some Connecticut residents are already aware. However, choosing the right route depends on the individual or family’s unique situation. The support of a dedicated attorney can help to determine whether bankruptcy is an appropriate option for a given individual or family. An attorney to help navigate complicated financial waters can help to bring peace of mind to the whole family.