Bankruptcy for Senior Citizens

Senior citizens are one of the fastest growing groups to seek bankruptcy relief. Not too long ago, it was rare to see a senior citizen in bankruptcy court. They typically had steady incomes and little in the way of debt. However, changes in Medicare as well as other economic problems have made senior citizens a fast rising demographic group in bankruptcy. Medicine, medical treatment, and even large credit card balances have become common in senior citizen bankruptcies. Seniors can also be victims of many scams, on and off of the Internet.
It is possible for someone with dementia to file bankruptcy through the use of the power of attorney. The holder of the power of attorney and their legal counsel as well, must be very careful to be sure that the power of attorney authorizes bankruptcy filing and that a full and accurate disclosure of all debts and assets of the bankruptcy debtor is made to the court.
Like all other cases, a senior citizen filing bankruptcy must be very careful to make a full and accurate disclosure to the court and to use competent and experienced legal counsel.