The burden of debt on seniors in Massachusetts

Recently, our law office has seen an alarming number of senior citizens attempting to pay off credit card debt from meager cash flow, usually pulled from their monthly Social Security income or other fixed income source.

Unfortunately, many of our seniors endure ongoing stress, often having to cut back on food, critical prescriptions, or even medical treatments in order to honor their long-held values about paying their obligations. The reality is that in certain circumstances, paying off unmanageable senior debt is simply not sensible in light of increasing cost of living expenses, interest rates, and late fees.

Judgment-proof seniors 
 

Seniors burdened by debt are often “judgment-proof,” meaning that their benefits cannot be attached or their assets are protected by law so that a creditor’s judgment may not be enforced. However, the threat of lawsuits, frequent creditor calls, and the worry and stress caused by unpaid obligations, are unnecessary and, more importantly for seniors, unhealthy.

Protecting our seniors from debt and financial burdens

We urge family members, caregivers, professionals, and those who support seniors to be vigilant for evidence of unmanageable debt. Just as strongly, we encourage seniors themselves to seek qualified legal counsel regarding financial matters, debts, or the possibility of declaring bankruptcy. 

Everyone is entitled to the protections provided by the Federal Bankruptcy Court and the fresh start provided by the Bankruptcy Code. If you are a senior citizen struggling with debt or concerned for a loved one going through financial hardship, please give our offices a call today.