Most seniors envision their golden years as a time to enjoy the fruits of their decades-long labor. But for some, dwindling income coupled with out-of-control medical debt have made retirement more stressful than they had hoped. According to a recent article in The New York Times, bankruptcy may be a smart way for seniors to protect their retirement assets and eliminate the stress of being underwater financially. If considering filing, the article recommends that seniors first try to negotiate settlements with creditors. Because they know they cannot touch retirement assets, many creditors are typically more willing to make a deal with seniors. “In many cases, hospitals have even cut balances in half,” says one source in the article. Speaking with an experienced bankruptcy attorney is always the best way to determine whether bankruptcy is the right choice for you.

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