How To Protect Seniors' Retirement Homes From Bankruptcy
If you are a senior or know a senior needing to know how to protect a retirement home from bankruptcy, then follow these tips. Today, Americans are finding themselves in more and more debt. Staying afloat financially can be difficult. If a senior experiencing any health emergencies not covered by medical insurance, the debt can pile up fast. A retirement home for a senior may be all they have. It is crucial to avoid losing your retirement home to bankruptcy.
- Know the law. There are new federal bankruptcy laws designed to protect senior's retirement assets from bankruptcy. Seek professional help to find out if your home is eligible for protection. Only an attorney will be able to evaluate your specific financial situation. There are different Chapters that can be filed. Chapter Thirteen is a payment plan. You could make arrangements to pay a reduced amount.
- Consider your options before filing. Seniors may be able to get the money they need to pay their debt by opting for a reverse mortgage or home line of credit. Both options allow seniors to draw money from the equity in the home. This can help protect a senior's home from bankruptcy.
- Meet with a knowledgeable attorney who specializes in bankruptcy law. Prepare a list of all your debts, assets, and monthly income to show the attorney. Schedule a free consultation with an attorney. If you want a more in-depth evaluation of your situation and how to protect your senior retirement home from bankruptcy, you may have to pay an hourly rate. Filing bankruptcy is a major decision and all alternatives should be explored.