Debra Booher &Associates Co., Lpa Click here to get your free Legal evaluation
Call Us Today Toll Free

Older Ohio residents with debt may be interested in bankruptcy

Many individuals of any age can face financial difficulties. Older Ohio residents are just as susceptible to having a hard time making ends meet as individuals of a younger age. Some older parties may suffer due to medical expenses or other issues that they have had to contend with, and they may consider using retirement funds before filing for bankruptcy. However, bankruptcy could potentially be a better alternative for dealing with debt than using such funds.

Typically, retirement funds are not affected when a person files for bankruptcy. Therefore, parties normally still have those funds available even after going through the bankruptcy process. Leaving such accounts untouched can be particularly helpful for older individuals as they would have less opportunity to rebuild their funds if they were to become depleted.

If a party is considering bankruptcy, they may wonder whether Chapter 7 or Chapter 13 could be right for them. The specific circumstances of their situations will play a role in determining which type of bankruptcy fits their circumstances. Individuals with low income and/or few assets may be better suited for liquidation under Chapter 7. Parties with a higher income or more assets may qualify for Chapter 13, which works with a court-approved repayment plan. 

It is important for individuals, especially those close to retirement age, to understand that they have options. Some Ohio residents may think it is better to use certain funds rather than opting for bankruptcy, but learning more about the process could shed new light on the option. Overwhelming debt can be a great burden, but parties may find out that they qualify for certain debt relief options.

Source:, "Bankruptcy can help seniors protect assets", Constance Gustke, June 1, 2015

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Map & Directions