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By Bankruptcy Lawyer in Port St Lucie Jon L Martin, the author of “What Everyone ought to Know about Debt Relief Today!”

seniorsThe rate of people over the age of sixty-five who are filing bankruptcy has more than tripled since 1991, according to recent study done by the “Consumer Bankruptcy Project”. Continuing at the current rate, Bankruptcy Courts will soon be overrun with the financially devastated elderly. 12.2% of filers are now 65 or order, as opposed to 2.1% in 1991.

Increased out of pocket medical expenses; disproportionate social security increases compared to true cost of living increases; pension failures of collapsed companies; being saddled with student loan payments that children or grandchildren; cannot, or will not pay; late life divorce or death of a spouse all contribute to the phenomenon. For some, the problem is made worse by “disappearing pensions.” An estimated $156 billion in defined benefit pensions are unclaimed according to the “Pension Action Center” based at the University of Massachusetts.

Pensions become “lost” for a variety of reasons. They are transferred during corporate buyouts and restructurings. People change addresses or their last names and become unreachable. Workers are never notified or they forget they have benefits, or just give up on trying to locate the resource. While many of these “lost” pension plan payments may only amount to a few hundred dollars a month, it can amount to a life line for the elderly who have no other source of financial support beyond Social Security. By the time they get to Bankruptcy Court their savings are used up.

Bankruptcy, as financial relief for these folks is mostly a matter of “too little, too late.” While Bankruptcy allows they to eliminate most of their debt it also destroys their ability to refinance to lower mortgage payments and of course health care expenses are usually ongoing.

Nor is the problem limited to the current “retirement population” according to the study, “The next generation nearing retirement age is also filing for Bankruptcy in greater numbers. This is because the 55 to 60 age group is carrying substantially more debt headed into retirement than those who went before them. Combined with lower income and reduced buying power they are forced more and more to rely on credit for emergencies.

Until the Real Estate crash, they could rely on refinancing their mortgage to hold repayment loads in check but that is no longer an option. There is little to no equity left to justify and expanded mortgage and lenders are not starting to raise rates on all types of loans. Given the hard truths for those carrying unmanageable debt, regardless of age, the sooner they weigh the pros and cons of filing Bankruptcy the more likely they will be able to survive old age at a reasonable level.

For more information on bankruptcy and debt settlement issues, please contact Jon L Martin Bankruptcy Attorney at (772)419-0057 or visit us online http://jonlmartinlaw.com/. With over 40 years of combined legal and business experience, we have helped hundreds of people in and around Martin and St Lucie County to relieve their financial problems. Bankruptcy Lawyer Port St Lucie Florida and a chairman of Martin County Bar Bankruptcy Committee Jon L. Martin helps clients throughout the following cities and surrounding areas: Hobe Sound, Jensen Beach, Palm City, Port Salerno, Port St. Lucie, Stuart, Sewall’s Point, and the entire Treasure Coast of Florida.

I recently had a client come to me seeking bankruptcy help because she could no longer pay her bills due to an accident injury that left her unable to work. The wife of a retired Police Officer, she was mortified by the thought of having to file bankruptcy, but didn’t know what else to do. After an extensive interview with her I realized that her “bankruptcy problem” was the result of an accident caused by the carelessness of another which she had no part in.

Rather than simply file bankruptcy for her, we took on the case and helped her file a personal injury claim while simultaneously opening the door to negotiations with her creditors that allowed her to afford settlements of her debts at reduced amounts. We attained a settlement for her that not only recovered her out of pocket losses, but that also paid for all her outstanding, current and ongoing medical bills as well as her lost income from not being able to work!

Are you suffering financially because of the actions of someone else? Is it time to talk to a bankruptcy Attorney Port St Lucie about your situation before it’s too late to recover compensation that’s due you. No one really WANTS to file bankruptcy. They just usually find themselves in a situation with no understanding of how they ended up in such a mess!

A good bankruptcy attorney Port St Lucie knows more than just Bankruptcy! Let us help you determine if there are alternatives and wether or not Bankruptcy is right for you! Call us today . . . you’ll be glad you did! 772 419 0057

For more information on bankruptcy and debt settlement issues, please contact Jon L Martin Bankruptcy Attorney at (772)419-0057 or visit us online http://jonlmartinlaw.com/. With over 40 years of combined legal and business experience, we have helped hundreds of people in and around Martin and St Lucie County to relieve their financial problems. Bankruptcy Lawyer Port St Lucie Florida and a chairman of Martin County Bar Bankruptcy Committee Jon L. Martin helps clients throughout the following cities and surrounding areas: Hobe Sound, Jensen Beach, Palm City, Port Salerno, Port St. Lucie, Stuart, Sewall’s Point, and the entire Treasure Coast of Florida.

bankruptcy

By Bankruptcy Lawyer in Port St Lucie Jon L Martin, the author of “What Everyone ought to Know about Debt Relief Today!”

Most people tend to grossly overvalue their possessions for Bankruptcy valuation purposes. It’s not how much you paid for them. It’s not how much you would have to spend to buy new or replace them. Nor is it what someone has listed similar items for in the paper or online. (Bear in mind, asking price often has little to do with what someone is willing to pay for an item). So how do you make an honest estimate of value?

Age has a lot to do with it for most people. Condition of course is relevant also.

For example:

Take a couple that has been married for 20+ years. They had some “starter” furniture given to them when they first got married and they have bought a piece here and there along the way. They had three children, four cats and two dogs over the years. The cats sharpened their claws on the backs of the furniture, the dogs pee’d on the oriental rug, and the kids ran their bikes into the TV cabinet and broke a door off the bookcase cabinet. Now what do you think it’s all worth?

A debtor has to use the above model and adjust their situation realistically. In short, while our possessions seem priceless to us (because they are part of our lives and precious memories), in reality the value is in the eye of what a potential buyer would be willing to pay for the same items.

Ask yourself, what would I pay for 10-20 year old furniture if I was looking to buy it? (Even if you just recently purchased your furniture, remember, as soon as they took it off the truck and into your house, it became used furniture and is lucky to still be worth 1/3 of what you paid for it retail).

Is it what I could get if I had an auction?

Is it what I could get if I had a garage sale?

Is it what I would be willing to pay for new furniture?

Looking at it realistically, usually our “treasures” are only “treasures” to ourselves. Be accurate and reasonable in listing values when filling out your personal property forms, but don’t handicap yourself either. Talking to an experienced Bankruptcy attorney can make the difference between successfully completing a Bankruptcy Plan or ending up with a disastrous failure.

For more information on bankruptcy and debt settlement issues, please contact Jon L Martin Bankruptcy Attorney at (772)419-0057 or visit us online http://jonlmartinlaw.com/. With over 40 years of combined legal and business experience, we have helped hundreds of people in and around Martin and St Lucie County to relieve their financial problems. Bankruptcy Lawyer Port St Lucie Florida and a chairman of Martin County Bar Bankruptcy Committee Jon L. Martin helps clients throughout the following cities and surrounding areas: Hobe Sound, Jensen Beach, Palm City, Port Salerno, Port St. Lucie, Stuart, Vero Beach, and the entire Treasure Coast of Florida.