Debt is a problem that can affect individuals of any age if their finances are not kept on track. There can be many factors that lead to a Tennessee resident’s debt becoming too much to handle, but there are options such as Chapter 13 bankruptcy that may be able to provide some relief. For older individuals, debt relief may be even more important as they likely wish to have control of their finances before retirement.
In a recent report, it was stated that elderly individuals have a considerable amount of debt. It was mentioned that debt rates among households with older individuals have increased in recent years. Though over a short time the increase may not seem significant, the level of debt for older residents has increased over 10 percent over two decades.
One of the major contributing factors to older individuals facing considerable financial issues is housing debt. As a result, older parties could potentially be contending with the possibility that they may lose their homes. It was also noted that when the head of a household was 55 to 64 years old 78.5 percent of those households had significant debt.
The closer Tennessee residents come to retirement, the more likely it is that they hope that their finances are in order. For parties who are facing a considerable debt burden, considering relief options like Chapter 13 bankruptcy may help them put their situations into perspective. Chapter 13 offers a plan to repay debts for individuals who may qualify, and additional information may help parties determine their eligibility.
Source: benefitspro.com, “Debt rising among elderly”, Marlene Y. Satter, Jan. 28, 2015