When planning for retirement, no one anticipates the foreclosure of their home. In a recent study, one and a half million Americans over the age of 50 has lost their home to foreclosure between 2007 and 2011. Of those Americans, the highest foreclosure rate was for homeowners over the age of 75. Not only does this put a dent in retirement plans, but it can leave foreclosed upon homeowners struggling and looking for security into old age.
If you or someone you love is facing foreclosure in Tennessee, remember that bankruptcy is one option to stop creditor action and help you protect your home. A Chapter 13 bankruptcy allows you to reorganize debts and protect your property, including real estate. For many, bankruptcy may be the quickest and surest way to stop foreclosure.
Even though the elderly population was once considered the most fiscally stable, many are struggling. Last week, the AARP released a comprehensive analysis on why the foreclosure crisis struck millions of Americans in their retirement years. Despite the common perception that older Americans are more secure in their housing than their younger counterparts, older Americans carry more mortgage debt and are at a higher risk of losing their homes.
In addition to the risk of foreclosure, older Americans are also struggling with their overall financial security. Credit card debt, medical debts, and other financial burdens can become unmanageable. If you or someone you love is entering retirement and unable to take control of finances, there may be a solution. Chapter 7 and Chapter 13 bankruptcy can help you stop foreclosure and get a fresh start necessary as you transition into retirement.
Source: The New York Times, “Facing Foreclosure After 50,” Robbie Brown, July 19, 2012.