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    Life has restart button
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    Life has restart button

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Senior Citizens Filing Bankruptcy

It is a common occurrence in my practice. An elderly couple, overwhelmed by credit card debt and dependent on a set income, ask to meet with me for a free bankruptcy consultation. For them, there is no light at the end of their dark, financial tunnel. They feel as if time is running out.

Bankruptcy. Sometimes the last resort is the best resort. There is a light at the end of everyone's tunnel. For example, a retirement pension/401K or IRA cannot be seized in a bankruptcy. Social security is also untouchable, as is a person's home.

In most states, if not all, credit card companies do not have the power to force a consumer into selling a home, regardless of how much money they are owed. The State of Florida has the best homestead exemption protection in the country.

Here are four examples people often give as their reason in hesitating to file for bankruptcy:

  1. Sheer embarrassment.  Paying one's debts is something ingrained in our moral code. 
  2. It is too expensive. Attorney and court costs are more than they could possibly afford.
  3. It destroys your credit scores.                    
  4. It leaves a bad legacy for your children.

 

The benefits to filing far outweigh the negatives. So, what are some positives that could come out of deciding to file for bankruptcy?

  1. Harassment Ends; filing puts an end to harassing letters and being bullied with phone calls from collection agencies.
  2. A Better Credit score; in the long run, your credit score will actually rise.
  3. Becoming Fiscally Responsible: facing your financial burdens, taking action to control them so they stop controlling you and resolving to stay financially healthy are very empowering results that stem from your decision to hit Life's "Re-start©" button. You will gain financial freedom, the opportunity to build wealth and re-claim your social confidence.
  4. Leaving a Legacy: it is one of the best avenues of estate planning. Imagine, you pass away with debt and no funds to pay them off. Selling your house will be used to pay those debts. However, if you file for bankruptcy, your house is exempt from being sold. This means you keep it and the other debts disappear! In this scenario, should you pass away, your loved ones will keep the home.

When you hit that point of no longer seeing the light at the end of your tunnel, bankruptcy is a terrific resource to set you on the path to being debt-free and finding financial peace. Seeking out an experienced bankruptcy attorney in your area is your first right step towards re-starting your life. You will also be surprised how inexpensive it is. Dial 7 today. 407-777-7777.

Law Offices of Walter F. Benenati: Bankruptcy Attorney

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2702 East Robinson Street
Orlando, Florida 32803
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824 N. John Young Parkway
Kissimmee, Florida 34741
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