Age can matter when deciding what debt relief option to pursue

On behalf of The Rollins Law Firm posted in Bankruptcy Exemptions on Monday, February 22, 2016.

There is no one debt relief method that is the best for addressing debt struggles. Rather, which of the many debt relief strategies is the most appropriate for a given debt matter depends on all different sorts of circumstances.

Our firm understands the great challenges debt problems can pose for individuals and how important getting the right kind of relief can be when facing such struggles. We can perform careful assessments of overall circumstances for individual who are facing debt difficulties and work closely with such individuals to help get them to the best debt relief strategy for their situation.

Among the things that can impact how good of a fit various debt relief strategies would be for a person is their age.

For one, a person's age can impact what sorts of financial goals they have, and debt relief strategies vary in what kinds of financial goals they are best able to help with.

Also, here in Mississippi, a person's age impacts what bankruptcy rules apply to them. Specifically, if an individual who is filing for bankruptcy here in Mississippi is over 70, they have access to a bankruptcy exemption that younger individuals do not. This exemption is the "wildcard" exemption. Under this exemption, individuals over 70 can exempt an additional $50,000 worth of property, per debtor, on top of the exemptions they already qualify for. One of the things what bankruptcy exemptions a person has access to can influence is how much of the property they have would be protected from liquidation in a Chapter 7 bankruptcy, which can in turn impact how appropriate Chapter 7 bankruptcy would be as a debt relief solution for them.

Client Reviews
I had a wonderful experience. The staff were nice and very informative. The process was quick and easy. Very affordable for me being a single parent. Would recommend anyone there. - Lashay H.
The Rollins firm assisted me at a very low point in my life. After having a lot of medical issues and expenses, I found myself unable to make ends meet. Mr. Rollings and his staff worked very promptly to help. They made the process so easy to complete. - Vinester Smith.
Fast response and professional advice. Really great to work with and understand what a difficult time in one’s life this is. Will recommend to anyone - Bryan Aust.
My wife and I were in an impossible financial situation where over time, we had built up so much debt that we could no longer keep up with all the payments. We were getting further and further behind until we reached out to the Rollins Law Firm for help. They have the knowledge and expertise through their experience to handle our particular situation. Their entire team of professionals are always available to answer questions, explain your options, and then provide the legal service that you need to relieve your financial worries and get you back on the right track! I recommend the Rollins Law Firm to anyone who needs help to deal with financial struggles. - Mike Zegelien.