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NASHVILLE, TN, July 18, 2014 /24-7PressRelease/ -- The Nashville bankruptcy attorneys at Clark & Washington have noticed an increase in elderly American filing for bankruptcy. Taking preemptive steps to handle debt before you retire can counteract these rising rates. In the United States, too many people retire with medium to large amounts of debt. This cuts into their ability to retire and enjoy the fruits of their decades of labor in the work force.
According to the Federal Reserve, 39 percent of households with at least one person between the ages of 60 and 64 years old had primary mortgages in 2010. The average credit card debt for U.S. adults was approximately $4,878 in the first quarter of 2013. With debt becoming a common household item, it is no surprise that many elderly Americans are filing for bankruptcy.
Bankruptcy should be a last resort for those who are truly drowning in debt with no alternative. If you are not at this point, then it would be advantageous to make attempts at restructuring your debt. Creditors would rather receive some payment from you than receive no payment at all.
To assist in restructuring, you may want to consult with a qualified credit counselor, but you must be cautious. There are many fraudulent and bottom-feeding individuals who prey on those who are desperate to get out of dire financial straits, particularly the elderly. The expert Nashville bankruptcy lawyers at Clark & Washington work with many reputable credit counselors and can help point you in the right direction.
One fantastic way to confront your debt prior to retiring is to pay off your mortgage as early as possible. Interest rates on savings accounts and certificates of deposit (CDs) are very low, so using the money you would stash in your savings to instead pay off your mortgage sooner will save you more money in the long run.
For more tips on how to get rid of your debt to avoid filing for Nashville bankruptcy down the road, visit http://www.bankruptcyattorneyNashville.com
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.bankruptcyattorneyNashville.com.
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