Why Seniors Shouldn't Worry about Old Debts

Published on August 12, 2021

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If you’re in #debt as a senior, the law protects you in many ways that you may not know. Hear Attorney Eric Olsen, Executive Director of the HELPS Non-profit Law Firm, explain why seniors may never have to pay certain debts.

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Time Stamps
0:00 Introduction to seniors and debt
0:50 Why seniors don’t have to worry about debt
1:21 Federal law protects Social Security
1:45 ERISA protects Pensions and Retirement Funds
2:28 Most seniors don’t know their Social Security and Retirement Funds are protected
2:55 How Federal law protects Seniors’ Bank Accounts
5:39 How Federal law protects Seniors from Debt Collectors
8:16 Cease-and-Desist letter to stop Debt Collectors
9:02 How HELPS Non-Profit Law Firm can help Seniors
11:32 How Much HELPS Non-Profit Law Firm charges Seniors
12:21 How Seniors can contact HELPS Non-Profit Law Firm

Many seniors have financial issues, with some facing old debts such as student #debt. But the government protects seniors from certain types of debt. Federal law protects your Social Security payments, pensions, and retirement funds. There are even little-known laws that protect seniors’ bank accounts. Debt collectors may be bothersome, but you can send them packing through various means that don’t require you to pay them. Protected Social Security, pensions, disability and VA benefits can be used for your needs, helping you to find financial peace of mind. The HELPS Non-Profit Law Firm, based in Salem, Oregon, provides ongoing legal representation for purposes of communicating with debt collectors, serving clients in all 50 U.S. states. Once you retain HELPS, debt collectors can no longer call or send letters. Attorney Eric Olsen, Executive Director of the HELPS Non-profit Law Firm, explains why seniors may never have to pay certain debts, and how HELPS can help you even if you don’t retain their services.

Jeff Hoyt is SeniorLiving.org’s Editor-in-Chief.

For how to deal with debt collectors, watch https://www.youtube.com/watch?v=b7Xg5O0dJAY

To learn how seniors can avoid paying taxes, watch https://www.youtube.com/watch?v=xv7Om8SAIAM

For more on Senior Finances and COVID-19, watch https://youtu.be/P5VmalGWtrc

To learn when Seniors should consider Bankruptcy, watch https://www.youtube.com/watch?v=Iu0fy8JujGo

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For more tips for seniors: https://www.seniorliving.org/

If you’re interested in joining the hundreds of thousands of families who’ve found senior living communities on SeniorLiving.org, read the reviews on our website: https://www.seniorliving.org/housing/

To contact the HELPS Nonprofit Law Firm, call 1-855-435-7787 or visit helpsishere.org.

Is Senior Secured Debt

Is Senior Secured Debt, Why Seniors Shouldn't Worry about Old Debts.

5 Reasons Being Debt Complimentary Rules

That might be a really awkward thing but a minimum of you will not have to declare insolvency. The key is to overlook individuals around you. Make today the start of something brand-new, amazing and BIG.

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House Equity Line of Credit – The house equity credit line is a quite common form of protected loans. In reality about 25% of the United States population has no cards at all. Many times, debt can escape us.

Everybody desires to be debt free however how is the question. In the existing economy it is extremely challenging to deal with debts and likewise look after a family. So you need to do something immediately to get rid of your debt. The very best way to be debt free is to gadget a budget strategy. Follow the strategy carefully and clear all your balance to be debt complimentary. If you still haven’t made one, here is how you can easily make a reliable plan.

For all your Secured Debt s, you will continue paying the frequently set up amounts. You will not make any additional payments unless you have no unsecured financial obligation to pay. Follow the waterfall approach laid out below to pay off your Secured Debt more rapidly if this is the case.

To show cause primary involves looking as the financial circumstance in the past couple of years. With the current recession, a great deal of Americans got so deep in debt due to the fact that they just did not have the money to support their fundamental requirements. With the job loss and increasing unemployment rate, a great deal of consumers let their debts run deep since they had no choice. Of course, provided this cause of credit card financial obligation, you will believe that this is inescapable. However if you think of it, having an emergency situation fund established would have assisted in saving the day.

A fine example of this is in the housing market. With the fall of the marketplace many people owe more on their home than its worth. This makes it bad if you are trying to sell due to the fact that you would not make a profit on your house by selling it. Being familiar with what you owe to business will get you started on your Debt Free life. Just after you understand what you owe can you make a budget to fit what you need each month. Following a budget plan is very tough at first since you still want things and this will not remain in your spending plan. Some things need to be paid each month no matter what. You still require your electricity and gas to live at home. You sure do not desire to stop making your house payment. You would wind up with not belonging to live and this will not assist your scenario.

An excellent credit report isn’t just about debt, however how well you manage it. Excellent credit is also developed when various sort of financial obligation are reported. House home loans or vehicle loan will help improve a credit report as long as they are managed well. Credit cards show a various type of debt, Revolving Debt. The monthly payment amount varies with usage. Handling charge card financial obligation is a fabulous method to enhance your credit score. Improving a rating will take some time. You will require to keep negatives out of your budget plan in order to see it go up and onward.

When noting your financial obligations on your worksheet, document the limitation of each credit card or other kind of debt and include these quantities up to get your total possible debt. You can find info about your limitations on your statements. This will reveal you the total possible quantity of financial obligation you might have. Are you at the top of your limits? Or could you go even more much deeper into debt? In any case now you know how bad it can get.

Focus on conserving for rewarding causes. This is the last in the list of 7 clear suggestions on how to be debt-free. Acquiring your own house (or a dream house) in the future or preparing for your kids’s university education is leading concern that will assist you to focus and get rid of unneeded expenses. Financial objectives are a way of getting rid of temptations to purchase and own less essential goods and services. Make these objectives reasonable to help make you feel a sense of accomplishment.

Do this monthly until you pay off the tiniest debt. Each time a loan is paid off, your credit report will go up. The response: By using business idea of the 21st century.

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