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Should an Older Adult File for Bankruptcy?

Dec. 13, 2022

As a long-time St. Louis bankruptcy law firm, we are aware that situations such as possible bank levies or income garnishments for past-due debts are scary for our current and future clients to think about. And, if you happen to be an older adult person (or anyone else of any age for that matter), then you should follow your gut by getting as much information as you can from your lawyer about how filing for bankruptcy may greatly relieve your situation.

Is There a Cutoff Age to File Bankruptcy?

The short answer to this question is no. In America, as long as you are over the age of 18, you have the legal right to file for bankruptcy. But, the real question for senior citizens is, is it a smart decision to do so in the latter years of your life?

Well, most seniors have property that is necessary for them to maintain a minimal standard of living, and creditors aren’t allowed to take those things away. These particularly important items are typically protected by various bankruptcy exemptions. As a result, many seniors can file for bankruptcy without having to worry about losing their important assets.

Some seniors are just sick and tired of getting harassing phone calls from creditors, or they may feel a sense of fear because of the possibility that creditors might levy their bank accounts. And, for those who don't know (or don't believe that it can actually happen to them), according to The Balance, when a bank account is levied, the bank can legally, spontaneously freeze your funds and give your monies to the creditors you owe until the debt is paid off.

Is It Smart to File Bankruptcy as a Senior Citizen?

For older adults, their biggest worry may not be creditors sticking their hands into their bank accounts. Instead, they may be worried that the assets they have being at risk from creditors upon their death.  Or maybe it’s the day to day interactions with creditors.  Often times, at any age, people are just sick of the incessant creditors always calling, texting, emailing or sending mail.  It can definitely take a toll on one emotionally and physically. 

Also, it's worth it to mention that just because a person gets older, it doesn't mean that they are immune to the trials and tribulations of life. For example, just like many younger men and women these days, seniors can also go through something socially and financially crippling, like a divorce, which could leave them in a situation where bankruptcy may very well be the best option.

According to, another reason a senior citizen may consider utilizing the services of a St. Louis bankruptcy attorney in filing for, say, Chapter 7 bankruptcy is because Chapter 7 could completely eliminate debts that are currently putting a major strain on them financially.

Call Your Trusted St. Louis Bankruptcy Attorney Today

Financial debt can be emotionally and psychologically draining, especially for older adults who are just trying to enjoy their golden years. If you or someone you know could use some help and advice about possibly filing for bankruptcy, please, don’t hesitate to contact me today at AKS Law to schedule your first consultation session.