Why Chapter 7 Can Be a Lifesaver for Georgia Seniors

Funds can be tight in retirement. In fact, 80 percent of older adults face financial insecurity. But if you're a senior living in Atlanta or one of the surrounding communities like Marietta or Conyers, relief is just a phone call away.

At the Craig Black Law Firm, we believe no one should have to live their golden years under the weight of overwhelming debt. Give us a call at 678-888-1778 or complete this confidential contact form to find out how Chapter 7 could give you a fresh start.

What Is Chapter 7 Bankruptcy?

With Chapter 7, the court wipes out all non-exempt debt in exchange for seizing some of your assets to repay your creditors. But one of the best aspects of Chapter 7 is the automatic stay. Once your case is filed, calls from creditors will stop, as will any upcoming foreclosures or repossessions.

Although Chapter 7 is called “liquidation bankruptcy,” that doesn't mean you'll lose your home in the process. Yes, some of your assets will be seized, but as long as you continue to pay your mortgage or rent, you should be able to remain in your house.

Why Chapter 7 Works for Seniors

The Craig Black Law Firm has worked with seniors in Fulton County, Rockdale County, and all of the Atlanta area to tackle overwhelming debt. Here are some top reasons we've found that Chapter 7 works well for seniors:

Easy qualification: In order to qualify for Chapter 7, you'll need to pass the means test. Seniors often have limited income and few assets, making qualification easy.
Social Security is protected: After filing, certain funds will be seized to repay creditors. Social Security is typically protected from that, though, so you'll continue to see that influx of funds long after your debts are discharged.
Eliminates medical debt: For older adults, medical debt can be the biggest cause of financial issues. Chapter 7 wipes out unpaid medical bills, along with debts like personal loans and credit card balances.
Preserves retirement savings: For seniors with pensions, 401(k)s, and IRAs, those funds are usually protected.
Helps family members: Children often worry about their older parents. A clean bankruptcy discharge relieves seniors of crushing debt, and that freedom can be a huge relief to your loved ones.

You Deserve Peace of Mind

Debt shouldn't rob you of sleep in your later years. Chapter 7 can give you the much-needed relief you need from collections calls and foreclosure threats. If you're in Northwest Georgia, our team can help you decide if bankruptcy is the right option for you.

The Craig Black Law Firm takes a personal approach to bankruptcy filings. When you call our offices, you speak directly to me. I'll answer any questions you have and work with you to help you decide if bankruptcy might be an option. Give me a call at 678-888-1778 or complete this confidential contact form, and I'll be in touch.