Seniors with credit debt wise to declare bankruptcy

September 20, 2009

Seniors should not absolutely rule out bankruptcy.  For example, seniors who have always had good credit and paid every bill on time but who have lost money in the stock market or are unemployed should consider bankruptcy.

If you have credit card debt and only have Social Security income or unemployment income and you have any assets, the credit grantors very likely will go after them. They can get liens on your home.  It would be wise to consider bankruptcy, since it would benefit the credit card companies to know where they are, and you would not have the harassing phone calls.

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