Are you concerned about old debts? If you’re in #debt as a senior, the law protects you from old debts in many ways that you may not know. Learn how seniors may never have to pay old debts from Attorney Eric Olsen, Executive Director of the HELPS Non-profit Law Firm.

Note: We receive free products and participate in affiliate programs.

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

To learn how seniors can avoid paying taxes, watch

For more on Senior Finances and COVID-19, watch

To learn when Seniors should consider Bankruptcy, watch

Subscribe to SeniorLiving.org on YouTube:

For more tips for seniors:

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:

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

-~-~~-~~~-~~-~-
Like to save money? Please watch: “The Best Senior Citizen Discounts”

-~-~~-~~~-~~-~-…(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

As seniors age, they may find themselves worrying about old debts that have accumulated over the years. Whether it’s from credit cards, mortgages, or medical bills, the burden of debt can be a source of stress and anxiety for many older individuals. However, there are several reasons why seniors shouldn’t worry about old debts and should instead focus on their overall financial well-being.

First and foremost, it’s important for seniors to recognize that they are not alone in carrying old debts. According to a report by the Employee Benefit Research Institute, over half of American households headed by someone aged 55 or older have debt, and the average amount of debt in this age group has increased significantly over the past decade. This means that many seniors are in the same boat and should not feel ashamed or embarrassed about their financial situation.

Furthermore, it’s essential for seniors to prioritize their current needs and future financial security over old debts. As individuals age, their ability to generate income may decrease, making it more challenging to pay off debt. By focusing on building a comfortable retirement fund and ensuring access to quality healthcare, seniors can better protect themselves from unexpected expenses and market fluctuations.

Another reason why seniors shouldn’t worry about old debts is the impact on their credit score. While it’s important to maintain a good credit score for access to loans and other financial products, the reality is that credit scores become less important as seniors transition into retirement. As long as seniors are able to cover their basic needs and maintain a stable living situation, the effects of old debts on their credit score may be less significant than they think.

Additionally, seniors should consider the statute of limitations on old debts. In many states, there is a limit on how long creditors can legally pursue the collection of old debts. Once this period has passed, the debt becomes unenforceable, and seniors are no longer obligated to pay. It’s important for seniors to understand their rights and consult with a financial advisor or legal professional to determine if any old debts fall under this category.

Finally, seniors shouldn’t let old debts overshadow the positive aspects of their financial situation. By focusing on the assets they have accumulated, such as their home, retirement accounts, and savings, seniors can gain a better perspective on their overall financial health. It’s important for seniors to shift their mindset from worrying about old debts to proactively managing their finances for a comfortable and secure retirement.

In conclusion, it’s essential for seniors to reframe their mindset around old debts and prioritize their current and future financial well-being. By acknowledging that they are not alone, focusing on their immediate needs, understanding the impact on their credit score, being aware of the statute of limitations, and highlighting their assets, seniors can better manage their financial situation and alleviate unnecessary worry about old debts. It’s never too late for seniors to take control of their financial future and enjoy a fulfilling retirement.