In my Philadelphia area bankruptcy practice, I am seeing more and more seniors with serious financial difficulties. Some are in danger of losing their homes, others are being harassed by creditors. Contrary to popular belief, seniors are not immune from financial problems. Collapsed investments, lower property values, the rising cost of medication, adult children who need financial help, and a number of other factors have left many seniors struggling with debt. Fortunately, the same laws that protect younger people in debt also protect senior citizens. In addition, there are specific provisions of the bankruptcy code and other state and federal law designed to protect seniors. (For more information, see my post Bankruptcy and Seniors.)
Seniors are often on fixed incomes, and many are living from month to month. To help seniors in need get back on solid financial ground, we offer the following discounts on our services:
Chapter 7 – 25% Discount
We discount our fees for a Chapter 7 bankruptcy by 25% for all seniors 65 and older with income below the state median. In addition, some discounts may be available for seniors with incomes above the state median. Discount does not apply to emergency cases. (Chapter 7 bankruptcy discharges all or most of your debts.)
Chapter 13 – Discount on Down Payment
For Chapter 13 cases, we reduce our standard down payment by 25% for anyone over 65. Discount does not apply to emergency cases. (Chapter 13 is a payment arrangement whereby you pay back a portion of your debts based upon your income. It is used most often to save a house or other secured property when the debtor has fallen behind on payments or when a debtor’s income is too high for Chapter 7.)
Debt Negotiation – 30% Discount
Our senior discount for non-litigation debt negotiation is 25% seniors with income below the state median. (Debt negotiation is a non-bankruptcy solution aimed at reaching a reasonable settlement with your creditors.)
If you are a senior struggling with debt, call me for a free consultation. We will help you find a solution. Our convenient office serves seniors in Philadelphia, Montgomery County, Delaware County, and Bucks County in Pennsylvania. Our office is on the street level of a fully accessible building.
Bankruptcy Facts: There are two major concerns that seniors are often raise when I talk to them. First, they fear that they will lose all of their personal property if they file for bankruptcy. However, in the vast majority of cases (well over 90%), debtors are able to keep all of their personal property and, very often, can keep their homes. Second, they worry that they will lose their Social Security income. In fact, Social Security income is protected from most creditors under federal law. In addition, it does not count as income for the Chapter 7 means test, making it easier for seniors to file under Chapter 7. See our Bankruptcy FAQ for answers to common questions.