Sunday, March 13, 2022

Bankruptcy - Age is not a factor, don't let it be a barrier

Most people who come into my office to talk about bankruptcy are embarrassed. They seem to think that no matter what major events have occurred in their lives; serious illness, divorce, extended unemployment/under-employment, and/or downturns in the economy in general, they still feel they did something wrong. The reality is, life happens. Like now, high inflation, gas prices through the roof, a war in Europe, and no real end in sight. On top of bad times, people sometimes kick money issue down the road for years. So, what happens when you want to retire?

Recently, I have had several people in their 70's contact me about bankruptcy over the past few months. Everyone feels embarrassment when they need to speak to an attorney about bankruptcy but this group seems to feel it more. They feel they should be wiser and more responsible for their situation. The reality is they seem to be more vulnerable. 

Part of their income is fixed and they are working menial jobs to pay the debt they accrued when they were working in their careers. They have depleted their savings trying to get ahead of the debt and have made very little progress. If they are working when they come in, it is just enough to make ends meet and have nothing saved for an emergency. Finally, they will never be in a position to save again. They are coming to the realization they need help and bankruptcy is their option. 

Hard times are not limited to the young or foolish. As people age, they become more vulnerable to economic hardships and less able to recover. Everybody needs help sometime in their life. Sometimes it is later in life. Don't let your age be the reason you don't ask for help. 

If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at

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