Bankruptcy Assistance for the Elderly
As an older individual, you may feel like your options are limited when
it comes to taking out loans. Your lack of income may hinder the amount
of money that you are able to borrow. Before you tap into your retirement
nest egg, you should consider other more advantageous option, such as
bankruptcy. These options can assist with your financial problems.
At Sulaiman Law Group, LTD., we provide experienced legal representation
to all of our clients. We are particularly helpful at explaining all of
your options and the consequences of those options. We are located in
Oak Brook, Illinois, and serve clients throughout Chicago and the surrounding areas.
If you are an older individual who is struggling with your debt,
contact our attorneys. We can help you analyze your legal options. Contact us at 312-313-1613.
Do Not Use Your Retirement to Pay Your Debt
For many older individuals, their largest asset is their home. However,
they believe the only way to leverage that asset is to get a home equity
loan. That can be problematic because a home equity loan has to be paid
back with interest. Therefore, when seniors or their children have financial
problems, often they tap into their retirement accounts or accrue debt
to try to address the situation. However, there is another answer: a reverse mortgage.
Reverse Mortgage, an Option?
One way to address your situation is to take out a reverse mortgage. It
is a powerful tool. There is no credit requirement and no income requirement
for a reverse mortgage. A reverse mortgage allows people to tap into the
equity of their home, without the burden of monthly payments. In fact,
the senior then receives payments from the bank.
In order to take advantage of this program, you have to meet age requirements
and live in a primary residence. Seniors are using this technique to pay
off a current mortgage, create a down payment for another home or for
remodeling or repairs.
Contact Our Bankruptcy Attorneys
If you are facing mounting debt and need assistance in weighing your options,
contact our bankruptcy lawyers in Chicago by calling us at