Definition of Bankruptcy - Law Office of Tony Turner

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Definition of bankruptcy
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• The definition of bankruptcy is the legal status
  of a person or other entity that cannot repay
  its debts and files a bankruptcy petition with
  the appropriate Court requesting the debt be
  discharged. In Florida, thousands of debtors file
  for bankruptcy every month. For most it is a
  measure of last resort. Many debtors try for
  years to pay their debt before succumbing to the
  realization that it virtually impossible.

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• A recent trend is that older debtors are
  beginning to file bankruptcy with more frequency.
  The rate is more than double what it was in the
  early 1990s. The rate of debtors over the age of
  65 filing for bankruptcy increased over 200 from
  1991 to present. This increase is caused in part
  by the medical bills as well as the lower incomes
  they receive and the nationwide decline in
  pension, retirement pay and interest rate earned
  on money saved or the death of a spouse. Many
  resort to living with their children or doing
  without necessities to pay their bills.

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• Medicare does pay some health care costs, but it
  does not cover extensive care, hearing aids,
  dental procedures, eye exams, foot care and some
  other treatment. Sometimes there are co-pays,
  coinsurance and deductibles. The skyrocketing
  medical costs are just too much. Sometimes
  Churches, friends or family will help. However,
  once they get behind on their bills, the constant
  calls from bill collectors are just too stressful
  and they contact a bankruptcy attorney for help.
  Most debtors over 60 are reluctant to file for
  bankruptcy. They have a stronger sense of a moral
  obligation to pay. Some have parents that grew up
  during the Great Depression or were part of the
  Greatest Generation. The decision to file for
  bankruptcy takes place over time.

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• Most debtors struggle for years in whats know as
  the sweat box. Most deplete all their assets
  when it wasnt necessary. The assets could have
  been protected and kept under the bankruptcy
  laws. Its a very difficult and painful decision,
  but one that ultimately leaves them in a better
  financial position for their Golden Years. The
  over 60 year old clients are some of the most
  appreciative clients I have. They are respectful,
  compliant and will bake you a cake from scratch
  for your birthday. At least one Ive represented
  does.

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