Understanding Bankruptcy for Senior Citizens
One of the questions that we frequently get is whether or not senior citizens should file for bankruptcy. As with many other questions in the law, the immediate answer is, it depends. The thing that we look at is what kind of income is that person getting, and what kind of possessions does that person have? A person whose only income is social security income or disability income under the social security program is protected by law from having that money taken from them by their creditors. Often times in a situation like that we might recommend to that person that they not file for bankruptcy. However, at the same time, if that person is just unable to bear the constant stream of phone calls, and letters and the threat of lawsuits against them, then we’re happy to help them with a bankruptcy to give them piece of mind. On the other hand, a senior citizen that’s been living in a home for a number of years and has a significant amount of equity in that home or has significant financial assets that aren’t in legally protected retirement accounts, we would definitely file a bankruptcy for that particular person to protect their assets. We can talk about these things with you over the phone and if appropriate, we’d be happy to meet with you for a free consultation. Get in touch with us as soon as you can. Please give us a call today at 317-759-1483.
About the Attorneys
Andrew Sawin received his Bachelor of Arts degree from Indiana University in 1989 and his Doctor of Jurisprudence from Indiana University School of Law – Indianapolis in 1995. He has concentrated his practice in the field of Consumer Bankruptcy for the past 15 years.
Richard Shea graduated from California State Polytechnic University, Pomona with a Bachelor of Science degree in Hotel & Restaurant Management in 1995 and received his Doctor of Jurisprudence from Indiana University School in 1998.
