Dead Broke

dead broke

Dead Broke. Is that how you want to die? Most Americans are dying dead broke with an average of $62K of debt. High personal debt loads are ruining the final years of most Americans. More seniors than ever are racking up high debts for drugs, medical copays, and living expenses.

Read more about seniors filing bankruptcy.

Ready to call a bankruptcy lawyer? Call 800-477-3111. Free Consultation.

Die Dead broke? – The FAQ’s

Will my heirs inherit my debts?

Your heirs such as children and family will not be responsible for your debts if you die dead broke. But, before your heirs can receive anything, assets you leave may be subject to payment of your debts. Your estate might be required to pay off your debts before your heirs are allowed to inherit any of your assets.

Get legal advice before you die.

Obviously, it’s too late for your heirs to change things after you are dead. Go see a lawyer who handles estate planning before it’s too late. Also, if you have high debts then you should consult with a bankruptcy lawyer. Nobody wants to file bankruptcy. However, it is often possible to discharge your debts in bankruptcy. If you do that, the assets in a modest estate may be allowed to pass to your heirs without liability for the debts.

Will the bankruptcy court take the assets of a senior citizen?

Most people who file bankruptcy don’t lose anything. The majority of people who file bankruptcy will not face having to die dead broke. The bankruptcy laws establish certain categories of “exempt” property that a person is allowed to keep. In some states, senior citizens are sometimes allowed to exempt extra assets. You are allowed to keep all of your exempt property. That is true no matter how much you owe. An expert bankruptcy lawyer should be consulted. A lawyer will be able to explain if you have assets that are not exempt.

Should I feel ashamed if I file bankruptcy?

There is no shame in filing bankruptcy. Millions of people have filed bankruptcy. It is a legal remedy to protect people who can’t pay. These days, filing bankruptcy is not viewed any different than getting a divorce. And, it may mean that your estate won’t be burdened by your personal loans and credit card debts.

Who decides if I am allowed to file bankruptcy?

There is a special U.S. Federal Bankruptcy Court. The court will grant your bankruptcy discharge if the court is convinced that your debts were made honestly, and that you can’t pay them.

Can people get new credit after bankruptcy?

Most people will establish new credit after bankruptcy. You can expect to establish credit within a year or two at a level appropriate for your income.

Ready to call a bankruptcy lawyer? Call 800-477-3111. Free Consultation.

Tags: can you inherit debt from your parents, die in debt, senior citizen bankruptcy

Synopsis: Get ready to die dead broke if you are an average American. Senior citizens have debt problems just like anyone else does. Senior citizens with severe debts should consider bankruptcy. bankruptcy may free free your estate from liability on credit card debts.