The beginning of your retirement is meant to be the start of your golden years. It’s a time in life that you’ve worked hard to get to and should be able to enjoy. But if you’ve also been struggling with debts for years, they might still be making your life difficult when you’re meant to be free of financial stress.


If social security is your main form of income, you might feel even more weighed down by your debt than before. Then the question becomes, is bankruptcy is the right decision for you? Whether you have one large debt that you’ve been trying to chip away at for years, several debts that pull you in every direction, or creditors calling to collect, bankruptcy could be the answer.


You Can File

There are no special restrictions for an individual that is collecting social security in regards to filing for either Chapter 7 or Chapter 13 bankruptcy. So if you think filing might be the best way to handle your existing debts, there’s no reason not to contact a bankruptcy attorney like myself to get started. During a free initial consult, I will talk through the best course of action for you and your financial situation.


Assets and Exemptions

Bankruptcy gets a little more tricky when it comes to assets, but the reality is that it’s extremely rare that a client of mine ever loses any of their property when filing bankruptcy. If you do not have any property or assets, filing for Chapter 7 bankruptcy would be fairly straightforward and your first step into financial relief. If you do have assets, they would need to be protected as exemptions. Exemptions are allowances to keep certain property, up to a limited value depending on the type, while filing for bankruptcy. If you do have assets, they will likely be protected this way.


Creditors and Garnishment

If you have creditors calling to collect on one or multiple debts, they are not legally able to garnish social security payments. However, they will turn to any assets you have, so ignoring the problem isn’t going to make it go away and will hurt your credit score. Again, the best course of action is to seriously consider filing for bankruptcy, with the help of an expert such as myself.


Even if social security is your only source of income, filing for bankruptcy to be relieved of a weighty debt can be just the option you need. Stop struggling to make ends meet, and turn to financial freedom! Contact me today to setup your initial consultation for free!