Most working people look forward to their 60s, 70s and beyond as their “Golden Years.” They plan for retirement and are ready to settle back and enjoy life. Unfortunately, for too many of them, the dream never materializes. If one or the other partner in a relationship becomes seriously ill, medical expenses can make it tough going financially.
“We recently saw an older gentleman whose wife had just passed away a month ago. The co-pays and costs of her medications during her final months had put him $40,000 into debt on credit cards,” said Courtney L. Quinn, attorney, Jeffrey Freedman Attorneys, PLLC. “As we age we tend to need more health care and more medications. Medicare and the supplemental insurance programs available to those over 60 often don’t cover the actual costs.”
No one wants to declare bankruptcy, least of all older people who have worked their entire lives and managed their money carefully. However, no one should have to struggle under the burden of medical debt, enduring the harassment of debt collectors and possible threat of foreclosure on their homes. Under a Chapter 7 bankruptcy, debts related to medical care can be discharged so anyone who has gone through an expensive medical crisis can get a fresh start. Collection efforts will be stopped and in most cases, the debtor keeps his or her home.
“It is stressful enough for people to have to deal with serious health issues and possibly the death of a spouse. They should not have to continue to live under the stress of debts they cannot afford to pay as a result of that illness,” Quinn said.
If you or anyone you know is over their head in debt, call 1-800-343-8537 for a free consultation. Our firm has more than 35 years of experience working in the area of bankruptcy — put us to work for you.