When Tennessee residents face considerable financial difficulties, they may consider ways to cut back and save money. However, some of those methods may not be beneficial and could actually prove harmful. This may be the case for many senior adults who are struggling with debt in their retirement years. However, there are debt relief options that may be better alternatives.
It was recently reported that in order to save money, some older individuals are taking seemingly drastic measures. Some parties may be cancelling doctor appointments, cutting back on medication to make it last longer and/or avoiding necessary home repairs. While these actions could save some money, they could also have negative effects, especially if needed medication is not being taken as prescribed.
Unfortunately, financial struggles could easily strike during retirement as individuals often live on a fixed income and may be unable to pay for emergency expenses. These hardships could be amplified for parties who have poor health and/or pre-existing financial troubles. As a result, senior adults could be facing tens of thousands of dollars in consumer debt and feel uncertain as to how to handle that debt.
Luckily, there are options that struggling Tennessee adults can consider when looking for ways to straighten out their finances. Bankruptcy is a viable debt relief option for many individuals, and there are different types that parties can explore, and they can then determine which may be best for their particular circumstances. If they qualify, individuals may be able to file for Chapter 7 or Chapter 13 bankruptcy and work toward getting back on track financially and having a more enjoyable retirement.
Source: The Washington Post, "Be attuned to seniors who carry a burden of debt", Michelle Singletary, Feb. 9, 2016