When Later Life Brings Financial Struggles
Many people spend most of their lives saving for retirement, and they trust that this savings will provide them with comfort in their twilight years. Unfortunately, retirement is also a time when many people must maintain a careful budget, and sudden expenses can bring new challenges to an already strained financial situation.
Older people deserve to have experienced guidance as they explore their options for debt relief. At The Law Office of Donald L. Bell, located in Greenbelt, our founding attorney understands how difficult debt can be for older people. We are dedicated to helping them achieve meaningful solutions that support them today and safeguard their future.
Why Might Retired People Face Financial Struggles?
Especially when retired, many older people must make ends meet on a limited income. Many also experience unique financial challenges later in life, including:
- Health care expenses – As people age, their need for medical care often increases. The cost of that care can add up, and medical emergencies can further or just accumulating medical expenses.
- Credit cards and other debt – When people use these tools to maintain their lifestyle, their debt can add up, and it may be difficult for them to pay off those debts on limited income.
- Property taxes – Taxes can be a struggle for many people, and changes in property values can make it difficult even for people who own their home outright to keep up. In some cases, a collection company may even try to foreclose.
- Family obligations – Family connections are vital. When grown children face their own financial struggles because of debt, job loss or medical emergencies, their aging parents may do what they can to help their child. Unfortunately, helping a child out of their financial challenges can create new obstacles for a parent.
When older people struggle with debt, it is important for them to know their options, including bankruptcy. By considering options like restructuring your debt and creating a repayment plan, you can lift the burden of debt. You can also take steps to protect your home, your family and your legacy from your current financial struggles.
Reach Out To A Compassionate Attorney
You do not have to face your financial struggles alone. Not only can we provide you with guidance on resolving your current challenges, but we can also offer estate planning guidance to help you safeguard your legacy. Reach out to our firm online or call 240-624-0748 to schedule a consultation.