Bankruptcy: Entering Retirement With Debt Can Be Stressful

As individuals in Ohio and elsewhere age, their financial priorities may change substantially. Those who are closing in on the golden years may feel it is imperative to cut down financial obligations prior to entering retirement, but reducing or eliminating debts isn’t always a simple task. Since dealing with high levels of debt while on a fixed budget can be stressful and daunting, a person who is facing a similar scenario may find it necessary to pursue relief through the available outlets, such as bankruptcy.

Recent surveys indicated that just under 40 percent of those entering retirement consider it a priority to pay down debts. Although a person may enter this stage of life while carrying a variety of debts, credit cards and medical bills continue to be a major concern. However, paying off debts isn’t the primary concern of most retirees, as the majority of those who took part in the survey placed a higher priority on covering the basic costs of living.

For those who are living on a fixed budget, issues with debt can be problematic and such concerns can affect one’s ability to get by. Experts suggest that it can be helpful to form a strategy for dealing with debt prior to entering retirement. However, those who have already entered this stage of life may feel their options are limited.

High levels of debt could pose a significant threat to one’s retirement plans. Those who are approaching retirement age with substantial financial concerns could benefit from speaking with a bankruptcy attorney for guidance in making informed decisions. An attorney can help a client in Ohio form a plan to pursue relief from debts and enter the golden years with financial peace of mind.