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.

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