Retirement should be a time in your life when things are easy: vacations, spending time with grandkids, and getting to all of those things you put off during your earning years. Unfortunately, for many retirees, that isn’t the case. With their limited income and increased expenses for health care, more retirees are turning to bankruptcy for financial relief.
Usatoday.com has a story on this growing trend. According to their story, retirees are the largest growing segment of people filing bankruptcy. While I haven’t had a lot of clients who have had retired, what I have run into are clients who have put off retirement, because they need the income.
If you’ve retired and are facing financial hardship, you should talk with a bankruptcy attorney. While bankruptcy may not be your best option, an attorney might be able to show you some alternatives. If your only source of income is social security, you may want to reconsider bankruptcy if you have no assets and are otherwise judgment proof.
You can read the story here.