Why the Elderly File Bankruptcy in Florida!

06 Jul Why the Elderly File Bankruptcy in Florida!

In Southwest Florida, we are seeing quite a few more people filing for bankruptcy who are in their golden years. The trend is somewhat disturbing. Although there are many reasons that these individuals have no alternative but to file bankruptcy, a theme is starting to develop. These parents, grandparents, and sometimes, great-grandparents are using all of their savings, equity in their homes and credit cards to help their children or grandchildren pay their bills.

Sometimes it is the children returning home, and sometimes it is the children needing help after they have established themselves outside of the parents home. Either way, it is usually easier to turn to a family member when you need some help financially.

Medical bills, mortgage payments, loss of jobs, and divorce are often the impetus for the children or grand children to turn to grandma or grandpa and ask for help. Even though grandma and grandpa are not financially stable themselves, they seek to do the right thing and help out their family members. The problem is that grandma and grandpa usually don’t ask for the money to be repaid in a timely fashion.

Unfortunately, grandma and grandpa are usually left holding the bag, and when the bill collectors are calling they have nowhere to turn.

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Carmen Dellutri is a proud member of the Florida Bar, and he is a Board Certified Consumer Bankruptcy Attorney, Certified by the American Board of Certification. He practices in the areas of Consumer Bankruptcy and Plaintiff's Personal Injury. He is the principal attorney at The Dellutri Law Group, P.A. The firm supports many charitable and civic causes by donating time and much needed capital to our community. Mr. Dellutri and the other attorneys in the firm routinely speak to students of all ages about various legal and societal issues.

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