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Are Mom and Dad making sacrifices for your sake?

To cope with the current state of our economy people will often take on extra shifts at work or cut back on frivolous spending. But what about individuals who are retired and their frivolous spending consists solely of buying the grandkids holiday and birthday gifts? That’s right, I’m talking about generous Grandmas and Grandpas here!

The elderly are struggling with debt just as much as the rest of society. A common assumption has been that social security and a good 401(k) plan will be enough to support the elderly after retirement. What I’ve seen happening more and more frequently, however, is elderly folks dipping into their savings for the sake of their children and grandchildren.

Supporting ones children is a hard habit to break. So when Mom and Dad see their son or daughter low on cash, struggling with unemployment, beset with unexpected hospital bills, or in need, the automatic response is to help out.

Lending cash when one is on a fixed income is difficult though. Many elderly men and women turn to borrowing against the equity on their house or relying on credit cards to get by. Unfortunately, both of these methods lead to trouble! Taking out a second mortgage can easily result in foreclosure and missing a few payments on the credit card quickly develops into hefty credit card debt. The elderly may even go without prescribed medication or scrimp on food in an effort to keep up with their bills.

No one likes the thought of dear old Grandma and Grandpa risking their health and comfortable living during retirement! That’s why it is important that elderly individuals get professional financial advice before it comes to that!

Bankruptcy was designed to give people relief from their debt! Mom and Dad have been taking care of you all your life! It’s probably about time to return the favor. Contact me for a free consultation. Together we will make sure that your elderly loved ones can enjoy their retirement to the fullest!

David Lozano, Attorney at Law
Contact me today for a free consultation
800-974-5680/Se habla español

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The Law Offices Of David Lozano - Bankruptcy Attorneys - Bankruptcy Lawyers.
Las Oficinas Legales de David Lozano - Abogados - Abogado de Bancarrota At Law - Hablamos español

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