February 01, 2014

Handling Senior Bankruptcy

Lloyd D. Cohen

You may hear a senior overburdened with debt complaining, “I got through the Great Depression not owing anyone a dime, but now in retirement I am so hounded by collectors that I need to file bankruptcy.” Because many seniors often have few assets but lots of benefits, you may hear your own voice replying, “If your only significant assets are exempt from attachment by creditors, why do you care to file a no-asset bankruptcy when you could just rely upon the knowledge that you are judgment proof?”

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