A recent study by the Administrative Office of the United States Courts shows a significant increase in bankruptcy filers over the age of 55. Between 2002 and 2007, the number of these filers grew by 61%. The study, which was published in the September 2010 issue of ABI Journal, found that the recent housing crises has worsened the already precarious financial condition of many older Americans who are facing retirement. Many residents of Orlando and the central Florida area moved here to enjoy retirement. However, during our current unprecedented economic downturn, many older Orlando residents are looking at having to file bankruptcy to protect themselves from creditors. Decreased home values and foreclosures also threaten the retirement plans of older citizens. Older citizens are vulnerable to a financial crisis brought on by uninsurability and medical debt, frequent causes of the need to file bankruptcy.Orlando residents facing retirement with limited assets can benefit enormously by working with a bankruptcy attorney to discharge debt that would otherwise swallow up whatever assets have been preserved for retirement. The good news is that retirement assets are usually exempt from liquidation in a chapter 7 bankruptcy. A chapter 7 discharge, or even a chapter 13 repayment plan, are legal tools that offer hope to retirees, or soon-to-be retirees, who face the golden years with excessive, burdensome debt and limited income to repay it. To preserve their assets and limited income, these individuals should seek a free consultation with an experienced and knowledgable Orlando bankruptcy attorney.
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