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Ohio residents of any age may begin dreaming of the time they are able to retire. Retirement is often associated with a time of relaxation, but older individuals may feel stressed during their retirement years if their finances become troublesome. Many older individuals face considerable debt, either as they enter retirement or after they have retired. As a result, some parties may wish to consider bankruptcy.

It was recently reported that poor health and pre-existing debt issues could cause older individuals to face money problems during retirement. Because retired individuals often live on a fixed income, they may find that their income is not enough to cover certain costs and may feel lost in the event of an emergency. If unexpected expenses arise, many parties find themselves in considerable debt.

As a result of their financial problems, some parties may resort to drastic actions in attempts to save money. Some of those efforts may include canceling doctor appointments, cutting back on medication, skipping meals and other actions. These measures could have considerable negative impacts and may not be necessary if individuals consider their debt relief options. 

Older Ohio residents who are concerned about their substantial debt may wish to look into bankruptcy options. A Chapter 7 or Chapter 13 bankruptcy filing could help qualifying individuals get back on track financially without having to resort to potentially harmful money-saving tactics. If interested individuals would like to gain more information, they may find discussing their cases with experienced bankruptcy attorneys in their area to be helpful. 

Source: The Washington Post, “Be attuned to seniors who carry a burden of debt“, Michelle Singletary, Feb. 9, 2016