Because of the financial strain Covid 19 has put on so many people, the Law Firm of William H. Lively, Jr. is lowering the up front costs for filing Chapter 13 bankruptcy cases for new clients. If you need to file a Chapter 13 bankruptcy and cannot come up with a large down payment to hire an attorney, contact our office–we can help get you protected for less.

Filing for bankruptcy after turning 55

Many people living in Texas struggle with debt, and this includes those aged 55 and over. In fact, there has been an increase in older Americans filing for bankruptcy in recent years.

In many cases, medical bills are the driving issue behind bankruptcy. As people age, their medical needs can become more complex. Even individuals with insurance coverage may find themselves with tens of thousands of dollars in health care bills. In addition, health problems can make it difficult for people to work and may even force some into early retirement.

Because of these challenges, many older people decide to seek some form of debt relief, such as bankruptcy. For those seniors who have assets, such as homes, cars or retirement funds, Chapter 13 bankruptcy might be an attractive option.

In Chapter 13 bankruptcy, the debtor is not required to liquidate assets. Instead, the debtor can keep his or her assets while entering into a court-supervised three- or five-year debt repayment plan. When the repayment plan ends, the remaining balances of all eligible debts will be discharged.

Older debtors are sometimes very concerned about rebuilding credit after bankruptcy. While bankruptcy does cause a significant drop in a debtor’s credit score, the passage of time mitigates the score drop. Also, individuals who have filed for bankruptcy can eventually rebuild their credit histories with the careful use of credit.

Individuals who are considering Chapter 13 bankruptcy may benefit from speaking with an experienced attorney. A lawyer may be able to evaluate the client’s financial situation and make recommendations regarding ways of dealing with debt, including bankruptcy.