Seniors, You Don’t Have to Struggle With Debt in Silence

Loneliness is terrible for seniors; the media have been saying this for decades, and yet, the senior loneliness epidemic has only gotten worse. In the next few years, many thousands of American “solo agers,” that is, unmarried people without children, will enter retirement. If you are married, you have spared yourself the worst of the social isolation and the financial stress; if one spouse is at least a little bit healthy, you have reduced the costs of long-term care by at least a little bit. Marriage is its own kind of loneliness, though. Couples who have been together for decades, who have gotten used to their empty nest, who have weathered midlife crises and figured out how to coexist, usually do this by agreeing to disagree, agreeing not to get into each other’s business about certain things. Money is a common source of marital conflict, so many married seniors have settled into a routine of not telling their spouses the whole truth about money. This strategy works until it doesn’t. If you are a retiree struggling with debts that no one, not even your spouse, knows about, contact a Florida bankruptcy and retirement lawyer.

Nearly a Third of Married Retirees Have Financial Secrets Their Spouses Don’t Know About

Approximately three out of ten married seniors are keeping secrets about money from their spouses. They are probably doing it to keep the peace, but when one spouse dies and his or her estate goes to probate, the financial secrets the decedent has been keeping will come out in the wash. In some cases, the secrets are secret bank accounts or cash transfers to family members that the other spouse does not approve of the secret-keeping spouse supporting financially. More often, though, the secrets take the form of debts that your spouse thinks you have repaid, or debts that your spouse never even knew that you borrowed. You might be scared of how upset your spouse will be if you tell him or her about the debts after keeping them a secret for so long, but it will be even worse if your spouse does not find out about the debts until your estate goes to probate.

You Are Not Too Old to File for Bankruptcy Individually or With Your Spouse

Your best hope for making your debts go away while you are still alive is to file for bankruptcy; if you are already retired, you can no longer hope for a big bonus from your employer that will enable you to pay off your debts. There is no age limit on bankruptcy filings. Married people have the option of filing as individuals or filing jointly with their spouses; you can usually get more debt relief if you file jointly.

Work With a Debt Lawyer About Protecting Yourself From Financial Secrets Messing Up Your Retirement

A South Florida debt lawyer can help you face reality about your debt situation, now that you have retired.  Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.

Source:

msn.com/en-us/money/personalfinance/31-of-married-over-65s-hiding-secret-assets-from-their-spouse/ar-AA1TzfpG?ocid=msedgntp&pc=ACTS&cvid=69a26cea6d04488c8154366ca1bcbe12&ei=42