In most cases, senior citizens in Connecticut and throughout the country look forward to their retirement years. Plans to travel, spend time with family or take up a new hobby are prevalent in the minds of many on the cusp of leaving the daily grind of work. However, for an increasing number of retirees, their financial situations will not allow them to experience retirement the way they had imagined. Filing for Chapter 7 bankruptcy has become a reality for those hoping to ease their financial burdens.
Some seniors rely on Social Security benefits as their sole source of income. These payments are often inadequate to cover the cost of insurance, medications, housing and food. According to financial planners, credit cards are frequently used to make ends meet. As credit card balances mount, it becomes increasingly more difficult for those on a fixed income to make more than the minimum payments. Interest continues to accumulate, thus leaving consumers with debts that will be difficult, if not impossible, to pay off in a reasonable time.
While difficult for some to consider, bankruptcy is a viable option for many older Americans. The Consumer Bankruptcy Project reports that filings for those aged 65 and over are on the rise. Life spans are increasing while incomes are decreasing, thus creating a hardship for many in this demographic area.
Regardless of age, credit card debt can be overwhelming for many Connecticut residents. Filing for Chapter 7 bankruptcy may be an opportunity to have a fresh start with one’s financial situation. An experienced bankruptcy attorney can help someone determine the best course of action to get his or her finances back on track.