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The impact of filing for bankruptcy during your retirement

Filing for bankruptcy can shake your financial foundation no doubt, but there are certain periods of your life when its presence could be even more impactful. At Debra Booher & Associates CO., LPA, we are committed to educating people in Ohio about how bankruptcy works and how utilizing it as a resource under dire circumstances is something that can be fully recovered from.

Some examples of situations that may complicate your decision to file for bankruptcy include if you are getting divorced, if you still have dependent children at home and if you are in the heart of retirement. The latter example can be especially challenging as you are already facing a substantial decrease in your income and are probably relying on checks from Social Security to make ends meet. One of the most important things to remember is that your decisions earlier on in life can have a significant impact on your ability to maintain a comfortable and stable lifestyle during your retirement years. Experts suggest that you honor the budget you have set, modify your budget as needed, live within your means and avoid accumulating crippling debts. 

According to The Washington Post, a recent study conducted by the Consumer Bankruptcy Project revealed startling findings that more and more people aged 65 years and older are filing for bankruptcy. If you end up having to file for bankruptcy while you are retired, your health, age and circumstances may prevent you from being able to recover completely. It is recommended that as you approach retirement age, that you plan ahead for the reduced income you will have. Think carefully about how you will budget your expenses and how a thorough savings plan may provide additional support for your older years. You should also prepare for an increase in the amount of money you are going to be paying for health expenses. 

When you are prepared to cope with the financial changes brought on by retirement and have created a good situation for yourself, you may be successfully able to avoid having to file for bankruptcy during a period of your life that should be enjoyed to its fullest. For more information about bankruptcy exemptions, visit our web page.  

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