The elderly also are particularly prone to debts related to increased costs of healthcare.
The National Center on Law and Elder Rights (NCLER) offers some advice about certain exemptions – funds that cannot be taken by debt collectors.
State Exemption Laws Can Help Protect Income and Assets from Debt Collectors by Jeremiah Battle and Odette Williamson, National Consumer Law Center (February, 2018)
(https://ncler.acl.gov)
According to the article: “Older adults are entering retirement with more debt, including credit card and student loan debt, than in past decades.”…” However; “ Every state has laws that protect a variety of income and property from (the) judgment (of) creditors.”
Among some of the things that are exempt from debt collectors are: household goods; clothing; tools of the trade; state benefit; pension and retirement benefits and some states have a ‘wildcard’ exemption that can be applied to other property.
It is beyond the scope of this article to reference every state law regarding debt collection.
I encourage those who may be facing unsurmountable debt to read the brief article and to seek professional guidance about how to deal with the debt.
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