Can Seniors File for Bankruptcy?
The short answer is yes. Here is no legal age limit to filing for bankruptcy. A long as you are a legal adult, you are permitted to file.
The first and foremost reason for a person of any age to consider filing for bankruptcy is the disruption of everyday life or a negative impact of the quality thereof. While many people can ignore lingering debt – even when it becomes substantial – others cannot. If that debt is becoming a source of major stress or is impacting your quality of life, filing for bankruptcy might be in your best interest regardless of your age.
Another reason many seniors who choose bankruptcy do so is that they are looking to discharge that debt. When it comes to wiping out your debt and restoring your peace of mind, medical debt and credit card debt are two of the easiest sources of debt to discharge. Coincidentally, these two debt sources are also the most common for modern seniors. As such, many seniors who opt for bankruptcy do so to wipe out these debts and give themselves more peace and less stress to enjoy their golden years with.
