Bankruptcy & the Elderly

The percentage of elderly bankruptcy filings is rising dramatically. Older individuals are staying in the workforce longer to pay off debt that they don't necessarily have to. We encourage anyone at, near or after retirement to consult with a lawyer at our office to discuss their situation. It might be possible to eliminate a great deal of debt by filing for either Chapter 7 or Chapter 13 bankruptcy. With your unsecured debt discharged, it might be possible to alleviate your stress and concern over your financial future. Let us guide you toward a fresh start without the weight and strain of a mountain of credit card debt, medical bills or personal loans hanging over your head.

Many of our Illinois clients have noted that they considered cashing out their pensions, 401(k)s or other retirement funds to pay off debt in the present. We strongly encourage our clients not to take this option without first speaking to a bankruptcy attorney. Often you must pay substantial early withdrawal penalties, not to mention the potential income tax that is payable, when these funds are protected when you file for bankruptcy. Let our firm advise you on the better options open to you.

Contact Our Office

Call 312-651-4200 or contact our offices by e-mail to discuss your options during a No Obligation Consultation with an attorney.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.