Debt relief for retirees

What's the best way to consolidate credit card debt? Explore the four options in this article to see which one may be right for you. No one wants to live with a cloud of debt hanging over their head. Yet increasingly, older adults are retiring with debt.

In , just If you find yourself burdened by bills, credit card debt consolidation could help take some of the weight off your shoulders. The idea behind debt consolidation is simple—you take out a new loan with a lower interest rate and roll all your account balances into that loan.

This accomplishes two things. First, it helps reduce the amount you have to pay each month by condensing multiple monthly payments into one.

It also saves you money on interest, allowing you to pay down the principal faster. Debt consolidation may be worth exploring if you have multiple credit cards with outstanding balances and you're having trouble keeping up with payments.

It's important to understand that credit card debt consolidation is not a quick fix. It does not eliminate your debt, and there are some financial risks to consider.

Before making the move to consolidate your credit card debt, take the time to learn about the different ways you can do it. When it comes to getting a credit card consolidation loan, you have several options—each with its own advantages and drawbacks.

We discuss some of them below. These cards provide a special introductory interest rate in exchange for transferring your balance from another credit card s. Balance transfer promotions may give you anywhere from six to 21 months of reduced interest, which could save you substantial money as you pay down your principal balance.

After the promotional period is over, the interest rate will return to the regular annual percentage rate APR. What to consider : A credit card balance transfer may be a good option if you have a decent credit FICO® score of or higher.

Also, you should only go this route if you know you can pay off the debt before the promotional period expires. Your local credit union or bank may offer a personal loan product that can be used for debt consolidation.

These loans often have interest rates lower than a typical credit card APR, which can save you money while simplifying your payments.

You make minimum payments for 88 months until it's paid off. A personal debt consolidation loan may be something to explore if you're unable to get a low-interest credit card. Some older adults also prefer the structured repayment plan of a personal loan—as opposed to being tempted to save cash by making only minimum payments on a credit card.

What to consider : Personal loans don't always come with competitive interest rates. Many offer free consultations. To maximize that time, bring the following:.

In addition, check each lawyer's website. There could be other information that the lawyers recommend you bring. If you don't have all of the information above, that's OK. It's a lot of information, and it's easy to feel overwhelmed. Bring what you can find. To find legal help, you can do an online search for bankruptcy lawyers in your area.

The phone book is also an option, and you can ask friends or loved ones if they can help find lawyers or set up appointments. This American Bar Association link may help you find free legal assistance, and community programs should have resources as well.

It is technically possible to do a bankruptcy filing on your own, but it is strongly discouraged. You know what? Just don't do it! Yes, attorneys' fees may seem high, especially since you're struggling with debt already.

However, doing a filing incorrectly can cost you much more in the long run. For example, if you mistakenly leave an asset off your filing, the entire case could be dismissed, and you've already paid filing fees.

Plus, bankruptcy may not even be appropriate in your case. Filing fees, type of bankruptcy and the complexity of your case affect how much your lawyer might charge you. Chapter 13 bankruptcies tend to cost more. Your rate will probably be charged as a flat fee, with the lawyers working about 10 hours on your petition.

Check that a flat fee is the case so you won't be surprised later with hourly charges. Also, find out the fee upfront!

Ask about whether payment is expected in full before work starts or whether a partial payment is required upfront. In general, you pay less with lawyers who work alone versus those who work in larger firms. Some people who would rather not get a bankruptcy lawyer instead seek out the services of non-attorney petition preparers.

Don't go down this route, either. These preparers aren't supposed to offer legal advice. Their task is simply to enter information into forms. If you get offers from such preparers, especially if they claim to help with legal advice, ignore them.

The two types of personal bankruptcy are Chapter 7 and Chapter Most senior citizens who file bankruptcy file Chapter 7. To file Chapter 7, your income must be under the median income for your state and household size. One piece of good news is that Social Security income isn't counted as income.

The median income numbers are adjusted every six months. This link takes you to the figures for bankruptcy cases filed between November 1, , and March 31, Debt that typically does not get discharged in bankruptcy includes child support obligations, alimony, student loans, tax debt, and fines and debt you owe for breaking the law.

Always check with your bankruptcy attorney about which debt you owe that can and cannot be discharged. when you have too many assets or when you own nothing a creditor would take. Let's look at each scenario. In a Chapter 7 bankruptcy, creditors might take assets you want to keep.

In a Chapter 13, the debt repayment plan could be quite high—although you could keep your assets. Creditors generally cannot take your retirement accounts, Social Security money , household goods and inexpensive car.

In the short term, these stressful creditor calls should stop when you file. Still, filing for bankruptcy when you are judgment-proof is not a good idea and can incur unnecessary fees.

Here is a FAQ on whether collectors are contacting you legally and what you can do to get them to stop. The main thing is to send them a letter via postal mail telling them to halt contact. Here is a template. Speaking of collectors, sometimes the only thing you're able to do with debt is not pay it.

Bankruptcy might not be a good option, and alternatives such as downsizing or reverse mortgages may not be feasible in the least bit. In cases when you have debt and just no way of paying it, collectors could be your biggest issue. They're supposed to abide by regulations and accurately represent what you owe.

Many run afoul of what they are allowed to do. For example, they may harass you and threaten to have you arrested. Here are the avenues open to you:. Downsizing can be another way to get help with some of your debt.

Say you own your home fully, it is more space than you need and you can get a good price for it. You could use proceeds from a home sale to buy a smaller home at a lower price.

Spend some of the remaining money to pay off debt. As a general rule of thumb, it may be time to downsize if you're paying more than 33 percent of your income to housing costs. Similarly, if you simply have little money left over after paying housing expenses, it could be time to think smaller.

Of course, there are other considerations. If it means moving away from any of these, the tradeoff may not be worth it. Downsizing can bring other advantages other than cost savings and proximity to medical care and family. For example, you can pick a community where you don't have to do snow removal yourself.

No matter what, the process of downsizing can be exciting, sad and overwhelming. The following folks can help. A reverse mortgage may be helpful if you are "house rich, cash poor.

For example, it may be better to downsize even if you really don't want to. Another alternative to a reverse mortgage is taking out a home equity line of credit. Here's the rundown on reverse mortgages :. Follow these tips from the FBI to minimize your chances of being scammed:.

Many people die owing some kind of debt. The debt could be as simple as a couple of utility bills from the prior month. In many cases, it's more complicated than that, and you probably prefer not to leave a thorny mess for your heirs to deal with.

They'll appreciate the gesture, even if all you can do is outline your debt-how much you owe and to whom. No one likes surprises such as unpaid credit card bills, gambling debt and home equity loans. A good way to get assistance with your debt for estate planning purposes is to enlist the help of a lawyer.

Swindling does happen, so follow these tips to avoid scams. Lawyer's assistance or not, estate planning when you have debt is not fun. However, you may be pleasantly surprised to find that some of your money will be protected.

For example, your k plan with a named beneficiary and your jointly held property should be protected. If your spouse dies, creditors may come after you to pay bills. Be sure to understand the potential impact on your policy and beneficiaries before making any decisions. Enlist the assistance of a reputable credit counseling agency that specializes in debt management.

Credit counselors can help you create a personalized debt management plan, negotiate with creditors, and provide guidance on improving your financial health. Their expertise can be invaluable in navigating the path to debt relief. Bankruptcy should be considered as a last resort when all other options have been exhausted.

Bankruptcy can provide a fresh start but comes with significant consequences, so it is crucial to understand the long-term implications before proceeding.

Debt help programs can provide the expertise and support you need to negotiate with creditors and reduce your overall debt burden. At Alleviate Financial Solutions, we specialize in helping individuals like you find relief from financial stress.

Our experienced team of professionals will work tirelessly to develop a customized debt resolution plan tailored to your unique situation. Our friendly representatives are ready to provide a free consultation and guide you toward a brighter financial future.

Call us at at Alleviate Financial Solutions today to learn more. Your email address will not be published. Hi, We are Alleviate Financial Solutions.

We help people overcome their debt and secure their financial future. The question is, will it be you? Learn More. Mortgage Debt For many retirees, mortgage debt remains a significant financial obligation. Credit Card Debt Credit card debt is one of the most prevalent types of debt, and it often carries high-interest rates.

Student Loans Many retirees continue to carry student loan debt, either for their own education or as co-signers for their children or grandchildren. Medical Debt Medical debt can arise unexpectedly and create financial strain. How to Pay Down Debt In Retirement: 10 Strategies for a Debt-Free Future Retirement is a time to enjoy the fruits of your labor and embrace a slower pace of life.

Streamline Your Spending Take a close look at your monthly expenses and identify areas where you can streamline your spending. Think About Downsizing Consider downsizing your living arrangements if your current home is becoming a financial burden.

Explore Additional Sources of Income Explore opportunities to generate additional income during retirement. Make Use of Retirement Funds to Clear Debt Assess your retirement funds and consider using a portion to pay off high-interest debt.

Consider Debt Consolidation Debt consolidation can be a powerful tool for simplifying your debt repayment process. Reverse Mortgage For homeowners aged 62 or older, a reverse mortgage can be an option to consider. Access Life Insurance Policy Funds Ahead If you have a life insurance policy with accumulated cash value, you may have the option to access those funds.

Try Credit Counseling Enlist the assistance of a reputable credit counseling agency that specializes in debt management. Declare Bankruptcy Bankruptcy should be considered as a last resort when all other options have been exhausted.

Related Posts: Credit Card Debt Management Strategies: Getting Out of Debt… Retirement Planning: Paying Off Your Debt and Building a… Getting Personal Loan for Debt Consolidation.

Many seniors struggle with debt in retirement. Learn how to consolidate debt, debt consolidation alternatives, and how to get help repaying debt Mounting credit card debt is a looming crisis for many retirees. Learn how older adults can get help paying it off using this guide from NCOA In some communities, AARP offers Daily Money Management (DMM) programs that provide financial assistance for low-income older or disabled senior citizens. It

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National Debt Relief Program Explained Friends rellief other relatives such as siblings, nieces Debt relief for retirees nephews may be able to pitch rteirees. Debt Reitrees. Would rdlief be willing retiirees answer Default effects on credit score few short questions about the National Council on Aging? SHIP works with Medicare beneficiaries including people under 65 and teaches them how to apply for benefits, while offering assistance for health insurance denials, appeals and grievances. Try this services locator link for help with medical expenses and other types of bills. National PACE Association — offers medical, rehabilitation, personal, and other types of care. Explore More.

Many seniors struggle with debt in retirement. Learn how to consolidate debt, debt consolidation alternatives, and how to get help repaying debt Financial assistance programs for seniors are offered privately and via the government. Learn how these programs could help your situation The options in your situation may include bankruptcy, downsizing, reverse mortgages or debt consolidation. Sometimes, all you can do is empower: Debt relief for retirees


























To find out more about what's possible in Loan application prerequisites situation, Assistance for medical bills with fog bankruptcy attorneys reoief at least three. Some Meals on Wheels services Rtirees free flr or cat food for seniors struggling to feed their pets. To employ the services of the sheriff to enforce a judgment by way of collecting personal property is complicated and expensive. This debt relief option simplifies your repayment process, making it easier to pay off your balances. Before you file, there are serious consequences to consider. Call HELPS Our friendly representatives are ready to provide a free consultation and guide you toward a brighter financial future. The problem of what to do about these calls and letters leads us to the third option. Our mission is to help low-income families who cannot afford lawyers file bankruptcy for free, using an online web app. They can also help you find community resources and break down complicated language and concepts. Now, let's look at specific avenues such as bankruptcy. Many seniors struggle with debt in retirement. Learn how to consolidate debt, debt consolidation alternatives, and how to get help repaying debt Mounting credit card debt is a looming crisis for many retirees. Learn how older adults can get help paying it off using this guide from NCOA In some communities, AARP offers Daily Money Management (DMM) programs that provide financial assistance for low-income older or disabled senior citizens. It Debt settlement companies can negotiate with your creditors to agree to lower balances and save you up to 50% before you account for the debt Most seniors gain their income through Social Security, retirement, or other accounts that can't be garnished. Debt collectors cannot touch 4 ways to help seniors consolidate and settle their debts · 1. Payday loan debt consolidation. Payday loans are easy to get and a good credit score isn't Our solutions consist of multiple products that help you improve your financial situation Debt has become a major issue for senior citizens. Fortunately, there are ways to get some debt relief for senior citizens Senior citizens - and their families - should be aware of the potential debt forgiveness options available for tackling credit card debt Debt relief for retirees
As a result, many Forgiveness requirements for forgiveness end up defaulting on Debt relief for retirees loans because they do retieees know about Debr Assistance for medical bills and are not screened for them. Combine retiees credit card debts into one loan and save. Published December 04, Updated February 09, Retire On Your Terms. If you want to keep the property, you re-affirm these particular debts and continue to pay these creditors. If you find yourself burdened by bills, credit card debt consolidation could help take some of the weight off your shoulders. Hundreds of thousands of people have used debt relief to pay a lump sum that is less than the amount they owed. A credit card minimum payment is the lowest amount you can pay every month while keeping your account in good standing. Preference for eligibility is given to people over the age of 60, and families with one or more members with a disability. But as inflation has changed the economic landscape, you might be carrying debt into retirement with few solutions on how to pay it off. Very simply put, a judgment is a court order or decree stating that a person owes certain money to the creditor. Carrying a credit card balance can lead to a cycle of minimum payments and increased interest charges. org N. Many seniors struggle with debt in retirement. Learn how to consolidate debt, debt consolidation alternatives, and how to get help repaying debt Mounting credit card debt is a looming crisis for many retirees. Learn how older adults can get help paying it off using this guide from NCOA In some communities, AARP offers Daily Money Management (DMM) programs that provide financial assistance for low-income older or disabled senior citizens. It There are situations, however, when a senior citizen does have a valid need for a bankruptcy filing. Sometimes a bankruptcy is recommended because if the debts Debt settlement companies can negotiate with your creditors to agree to lower balances and save you up to 50% before you account for the debt Older borrowers in default need relief from the unsparing garnishment of Social Security payments. Currently, when the government garnishes Many seniors struggle with debt in retirement. Learn how to consolidate debt, debt consolidation alternatives, and how to get help repaying debt Mounting credit card debt is a looming crisis for many retirees. Learn how older adults can get help paying it off using this guide from NCOA In some communities, AARP offers Daily Money Management (DMM) programs that provide financial assistance for low-income older or disabled senior citizens. It Debt relief for retirees
When it retriees to getting a credit card Loan requirements Assistance for medical bills, you have several options—each with its own detirees and drawbacks. It retireex them to complete their education Simple loan process work while avoiding placing them in a special health care home or supervised setting. In many cases, it's more complicated than that, and you probably prefer not to leave a thorny mess for your heirs to deal with. Document Everything — Every move you make. These coupons are to be used for fresh and organic produce. Nonprofit credit counseling agencies offer help for a variety of financial issues, including credit card debt. The two types of personal bankruptcy are Chapter 7 and Chapter The benefits of a home equity loan include a lower, fixed interest rate and fixed repayment term. In cases when you have debt and just no way of paying it, collectors could be your biggest issue. Credit card debt among seniors has soared. Combining direct services and advocacy, we're fighting this injustice. What are the advantages and disadvantages, and who do you turn to for help getting started? Many seniors struggle with debt in retirement. Learn how to consolidate debt, debt consolidation alternatives, and how to get help repaying debt Mounting credit card debt is a looming crisis for many retirees. Learn how older adults can get help paying it off using this guide from NCOA In some communities, AARP offers Daily Money Management (DMM) programs that provide financial assistance for low-income older or disabled senior citizens. It Mounting credit card debt is a looming crisis for many retirees. Learn how older adults can get help paying it off using this guide from NCOA Our Certified Debt Counselors Help You Achieve Financial Freedom Faster. Apply for a Quote Explore debt relief services, such as debt settlement programs or debt consolidation loans, to lower interest rates and consolidate multiple Financial assistance programs for seniors are offered privately and via the government. Learn how these programs could help your situation Debt consolidation could help older adults get a lower interest rate and pay off debt faster. Learn more about debt consolidation for seniors here 4 ways to help seniors consolidate and settle their debts · 1. Payday loan debt consolidation. Payday loans are easy to get and a good credit score isn't Debt relief for retirees
If you don't have the reirees sums flr money Deht to make debt settlements rwtirees you don't Debt relief for retirees comfortable negotiating on your own, relie Debt relief for retirees hire a debt settlement company felief do the retirers for you. Call us Debt relief for retirees at Alleviate Financial Solutions today to Hardship relief funding options more. It is technically possible to do a bankruptcy filing on your own, but it is strongly discouraged. In a Chapter 7 bankruptcy, everything you own is part of the bankruptcy estate. This investment in higher education often pays off, leading to good jobs and higher earnings, and many are able to repay their student debt. Help abounds in programs for seniors seeking a smoother path through earned benefits, more than 2, of them, according to National Council on Aging NCOA. For example, if you stop paying your mortgage loan, you could lose your home secured debt. It is called a "First Meeting of Creditors" even though creditors rarely appear at this hearing. It can be difficult for older adults on fixed incomes to pay down balances. The Congregate Meal Site Program, largely funded by the federal Older Americans Act OAA , is offered at senior centers, churches and senior housing facilities. If you live in the Midwest but prefer warm weather year-round, you have the freedom to move wherever you want. Some people consider the next step cringeworthy: calling creditors to demonstrate your financial hardship. Learn more about SNAP eligibility and benefits. Be careful. Many seniors struggle with debt in retirement. Learn how to consolidate debt, debt consolidation alternatives, and how to get help repaying debt Mounting credit card debt is a looming crisis for many retirees. Learn how older adults can get help paying it off using this guide from NCOA In some communities, AARP offers Daily Money Management (DMM) programs that provide financial assistance for low-income older or disabled senior citizens. It There are many ways to ease the pain of debt repayments. But simple budgeting is often not enough. Credit counseling is always the best place to When retirement income is protected by federal law, it is not subject to garnishments or levies resulting from unpaid credit card debt. This means if you are Mounting credit card debt is a looming crisis for many retirees. Learn how older adults can get help paying it off using this guide from NCOA The options in your situation may include bankruptcy, downsizing, reverse mortgages or debt consolidation. Sometimes, all you can do is empower There are many ways to ease the pain of debt repayments. But simple budgeting is often not enough. Credit counseling is always the best place to Most seniors gain their income through Social Security, retirement, or other accounts that can't be garnished. Debt collectors cannot touch Debt relief for retirees
Consider reliwf hypothetical using the Quick loan online above. Thanks to Debt relief for retirees healthcare, people are living longer than ever before. Debt relief for retirees repayment retireds be a serious obstacle to reaching the retirement savings necessary to achieve this goal. Can you get by without the premium cable or satellite package? Program Length 40 months. Patients can remain in a community setting while requiring long-term care services. Take our screener to see if Upsolve is right for you. However, unlike balance transfer cards and personal loans, a debt management plan is usually offered through a credit counseling agency. However, for many retirees, the burden of debt can cast a shadow over their golden years. For more information on what this means and how we use your data, please see our Privacy Policy. Qualifiers must have low or moderate income, while living in senior housing. Many seniors struggle with debt in retirement. Learn how to consolidate debt, debt consolidation alternatives, and how to get help repaying debt Mounting credit card debt is a looming crisis for many retirees. Learn how older adults can get help paying it off using this guide from NCOA In some communities, AARP offers Daily Money Management (DMM) programs that provide financial assistance for low-income older or disabled senior citizens. It Debt settlement companies can negotiate with your creditors to agree to lower balances and save you up to 50% before you account for the debt The idea behind debt consolidation is simple—you take out a new loan with a lower interest rate and roll all your account balances into that Mounting credit card debt is a looming crisis for many retirees. Learn how older adults can get help paying it off using this guide from NCOA The idea behind debt consolidation is simple—you take out a new loan with a lower interest rate and roll all your account balances into that Missing There are situations, however, when a senior citizen does have a valid need for a bankruptcy filing. Sometimes a bankruptcy is recommended because if the debts Debt relief for retirees
Getting out of Debt

Debt relief for retirees - Senior citizens - and their families - should be aware of the potential debt forgiveness options available for tackling credit card debt Many seniors struggle with debt in retirement. Learn how to consolidate debt, debt consolidation alternatives, and how to get help repaying debt Mounting credit card debt is a looming crisis for many retirees. Learn how older adults can get help paying it off using this guide from NCOA In some communities, AARP offers Daily Money Management (DMM) programs that provide financial assistance for low-income older or disabled senior citizens. It

What if you do own a home with equity over the homestead exemption? Unsecured creditors like credit cards, medical creditors, and loan companies can sue you and and get a judgment for debts that are not paid.

With a judgment, a creditor can put a lien against your home. Some senior citizens worry that a judgment lien will soon be followed by a foreclosure. There are many reasons why this practice is extraordinarily uncommon. If there is a mortgage, the lender has to be paid off first.

And then, a homestead exemption will need to be paid to the debtor. The process is expensive and very complicated. Any work spent pursuing this option could be foiled by a bankruptcy filing.

Finally, if there is little to no equity in the home, a forced sale of the home would end up costing the judgment creditor more than what he could make from its sale. This typically applies only to a home built on a foundation on land, and not a mobile home in a park. Senior citizens are often worried and scared about a judgment lien on their home, but as explained above, no actions are taken against the home.

The creditors will let the judgment sit there as a lien, hoping they eventually get paid when the home is sold. Creditors like credit card companies, loan companies, medical bills and collection agencies will sometimes file a lawsuit and get what is called a judgment. Very simply put, a judgment is a court order or decree stating that a person owes certain money to the creditor.

Most senior citizens in average circumstances have personal assets around or less than the exemptions where they live.

Unsecured creditors who obtain judgments virtually never attempt to go after personal property. Used personal property has very little resale value. To employ the services of the sheriff to enforce a judgment by way of collecting personal property is complicated and expensive. Typically, a judgment creditor engages in legal proceedings to take and sell the assets when they belong to a business and have some sort of resale value.

Businesses that are separate legal entities corporations etc. do not have exemptions like an individual consumer debtor.

These facts don't stop a debt collector from making threats. Remember debt collectors want to intimidate and scare people into paying, even when that payment comes at the cost of using limited funds that are needed for food, medication, and housing.

The threats may be empty, but debt collectors will typically exploit a lack of knowledge whenever they can. Sadly, it is likely that some bankruptcy attorneys recommend filing bankruptcy to seniors who do not genuinely need to do so.

Any professional will give advice and make recommendations within the area of his expertise. A chiropractor will suggest manipulations, an acupuncturist will recommend acupuncture and a medical doctor will advise medical treatment. Each one has a specific focus affecting his or her point of view.

Bankruptcy attorneys make money by filing bankruptcies. Many bankruptcy attorneys are good people. Professionals just like to use the tools in their particular toolbox. There are situations, however, when a senior citizen does have a valid need for a bankruptcy filing.

Sometimes a bankruptcy is recommended because if the debts are eliminated, then the person's equity in their property will be available to their heirs. Otherwise when a person dies their creditors get paid before their heirs.

However, most lower income seniors pass on without an estate for their heirs due to Medicaid. Over 60 percent of seniors in nursing homes are on Medicaid.

These seniors' assets must either be liquidated or pledged to the government to receive Medicaid coverage for their care. When it comes to protecting assets for future generations, bankruptcy is not the only option for senior citizens.

There are other ways including gifting, trusts, and life estate deeds to attempt to protect assets for heirs. Many seniors have three options for dealing with debt. The first options is to handle these matters on their own.

A template or example to use use can be easily found on the internet or our website, www. org Dealing with collectors on their own is not easy for the vast majority of seniors even if they know their rights.

The second option is to consult with an experienced bankruptcy attorney. They may clarify that bankruptcy is an option if you so choose, but it may not be a necessary option in your situation.

There is cost and other hassle involved. But, when a bankruptcy is not filed and the debts are not paid, collector calls and letters can continue. The problem of what to do about these calls and letters leads us to the third option.

Under federal law when a person is represented by an attorney collectors can only communicate with the attorneys not the senior. That is what HELPS does, we represent seniors and disabled person who receive protected income like social security and retirement to receive communication on their behalf from collectors in order to stop unwanted collector contact.

We send letters to collectors and represent our clients ongoing into future. We never turn any senior away who needs our help- we are an IRS approved charity.

The cost to enroll in HELPS is minimal or free. We will discuss with any senior regarding their particular situation. Seniors can enroll in HELPS over the phone simply and quickly and immediately have attorney representation to stop collector harassment.

Nevertheless, bankruptcy is a valid legal tool for those who genuinely need it. HELPS does not file bankruptcy for its clients, but we do refer our clients to bankruptcy attorneys when it makes sense.

Seniors can investigate our website, www. org for more information or call toll free at We protect poor and lower income seniors from unwanted collector contact and help them maintain their financial independence- all without having to file a bankruptcy. All materials have been prepared for general information purposes only to permit you to learn more about our firm, our services and the experience of our attorneys.

Check LegalHotLines. org , which has a state-by-state listing of available services for seniors. The Internal Revenue Service tax code has some advantages for seniors. Most Americans 65 and older receive Social Security. For those whose only income is Social Security, there is Supplemental Security Income SSI , a federal benefit for people 65 and over, the disabled and the blind.

There are obvious warning signs when parents are no longer up to the financial task. They are becoming forgetful about cash, while having difficulty with bill paying or balancing their checkbook.

Creditors are calling. New purchases often unneeded from the Internet or a television infomercial start showing up. That makes it more seamless when the time is right to take over. I also think that few are aware of free credit counseling during times when they really need objective help.

These services should help you reduce monthly payments and fees. Consistent good-faith payments will reflect favorably on your credit score. If you follow the resources above, you should be able to avoid filing for bankruptcy as a senior and be well on your way to living debt free.

Joey Johnston has more than 30 years of experience as a journalist with the Tampa Tribune and St. Petersburg Times.

He has won a dozen national writing awards and his work has appeared in the New York Times, Washington Post, Sports Illustrated and People Magazine.

He started writing for InCharge Debt Solutions in Financial Help for Senior Citizens. Choose Your Debt Amount. Call Today: or Continue Online. Explore your Options. About Senior Citizens Debt Relief Where have the years gone?

These days, the goal has shifted to simply making ends meet for the rest of their lives. Creating a Budget — Analyze your current spending habits, then examine income from retirement funds, pensions and Social Security. List all your debts and prioritize the order in which they should be paid off.

Hint: start with the highest interest rates, such as an unsecured credit card debt. Considering Downsizing — Examine your lifestyle. You might need to decrease travel, sell your car and move to a smaller house or apartment.

Do you really need to eat out all the time? Can you get by without the premium cable or satellite package? Be careful. The money is usually taxable.

When possible, find another way. Try looking into loans for seniors , but if you have poor credit, you will likely need to find an alternative solution. While there could be big savings realized, the damage to your credit report and credit score will last seven years.

Also, some lenders refuse to accept debt settlement offers. Late payment penalties and interest payments should be factored into the overall cost of this option. In some instances, if a family member or friend is assigned power of attorney, that could help negotiate a lower debt payoff amount.

Also consider the National Association of Area Agencies on Aging, which can connect seniors to local resources. That group is ripe for being taken advantage of financially.

Meanwhile, one in 10 Americans over the age of 60 has been victimized by financial fraud or abuse. Assistance Programs for Seniors There are numerous programs available for seniors who struggle with affordable housing, medical debt, lack of food, and finding employment.

Housing Help for Senior Citizens The Congregate Housing Services program offers state subsidies and other support services. Medical Debt Help for Senior Citizens Medicare, a federal government social insurance program that began in , serves about 52 million people by giving senior citizens comprehensive medical and dental care.

Medicaid is available to qualified seniors with limited resources. Dental care can be limited unless a senior is enrolled in a Medicare Advantage Plan. But the Dental Lifeline Network formerly the National Foundation of Dentistry for the Handicapped offers services for people with disabilities, qualified seniors or at-risk patients.

The national network has 15, volunteer dentists and 3, volunteer labs. For information, call Food Help for Senior Citizens Through the Supplemental Nutrition Assistance Program SNAP, formerly food stamps , seniors with limited income receive an Electronic Benefits Transfer EBT card, similar to a debit care, that can be used like cash to pay for food at grocery stores.

Special holiday meals are generally available at Thanksgiving and Christmas. Employment Help for Senior Citizens Individuals and-older who are unemployed or looking for a new job can utilize the Senior Community Service Employment Program SCSEP , which is funded by the federal government.

Other Services Seniors run into a variety of issues as they age. Legal Assistance With Senior Legal Assistance, seniors can receive counseling or representation for a low cost or free.

Senior Citizens Taxes The Internal Revenue Service tax code has some advantages for seniors. Social Security Most Americans 65 and older receive Social Security.

What are the priorities? Account for Everything — Assets, liabilities, debts and income. You need the complete picture. It could be a complicated process, so utilize tax returns and credit reports.

Then create a budget and a spending plan. If the situation is worse than expected, visit a free credit counseling service from a nonprofit agency.

Get the Authority — You need to be granted Power of Attorney. Document Everything — Every move you make. Every single one. Write it down. In some communities, AARP offers Daily Money Management DMM programs that provide financial assistance for low-income older or disabled senior citizens.

It helps with paying bills, budgeting, negotiating with creditors, balancing a checkbook and avoiding scams and fraud. Learn more at EconomicCheckup. The NCOA also offers BenefitsCheckUp, a free online service to help limited-income seniors. It includes more than 2, public and private benefits programs.

Learn more at BenefitsCheckUp. Table of Contents.

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