Deceptive Answers Given to Seniors With Debt

by Eric Olsen, attorney and Executive Director HELPS Nonprofit Law Firm I recently read a question on a website that helped persons with credit card debt. The answer given is typical of the deceptive, incomplete, and false answers many websites and their experts provide to seniors with financial problems. Here is the question posed from … Read more

When Bankruptcy for Seniors Might be a Bad Idea

This guest post by Eric Olsen is a great example that not all debt experts need to agree all the time. Eric presents a very valid point of view and mine is slightly different. Eric describes a situation where seniors may consider it unnecessary to file bankruptcy. In my experience, bankruptcy in similar situations can … Read more

Seniors and Income Based Repayment of Student Loans

By Eric Olsen Executive Director HELPS Nonprofit law firm, www.helpsishere.org You may have received a notice about a defaulted student loan and do not know what to do. There are many articles on the internet with incomplete information that scare seniors into thinking that they are going to lose their social security. This article will … Read more

Older Americans are Burdened by their Children’s Student Loans

The Consumer Financial Protection Bureau issued a useful report a few days ago on student-loan indebtedness and older Americans. Here are some of the CFPB’s key findings: “The number of consumers age 60 and older with outstanding student loan debt quadrupled from 2005 to 2015, increasing from about 700,000 to 2.8 million.” During this ten-year … Read more

My Elderly Mother is Struggling in Credit Counseling. What About Bankruptcy? – Tracey

“Dear Steve, My mother is 77 years of age. Her memory is no longer the best for her finances and she gets confused as to who gets paid what and how much. the debts, even though she doesn’t even use the cards but one walmart for groceries the interest rates and payments have gone over … Read more

My Elderly Father is Going to Move in With Us But He’s Got Debt. – TJ

“Dear Steve, My mother passed away Aug. 2012. My parents were married nearly 63 years. Their budget was based upon both their retirement incomes. After severely cutting monthly expenses we still find that keeping the house (along with utilities to live there) leaves him with absolutely nothing left over each month.We also have medical expenses … Read more

My 78 Year Old Mother is Struggling Under Her Debt. – Dorothy

“Dear Steve, My mother is 78 year old and has accumulated a significant amount of credit card debt (14,000). This debt is spread across nine different credit cards with varying interest rates which she attempts to keep current paying minimum payments. She has used balance transfer options when possible to reduce interest rates. However, she … Read more

Oregon Sues Legal Helpers Debt Resolution, Russian Consumer Run Up Debt, Elderly Sweepstakes Scam

Oregon sues Legal Helpers Debt Resolution and Chicago law firm for financially abusing elderly Legal Helpers Debt Resolution collected at least $2.5 million in fees from Oregon consumers since 2009, promising to secure “financial workouts” for their unsecured debts, according to a complaint filed Tuesday in Multnomah County Circuit Court. But the company never registered … Read more

A Debt Consolidation Company Signed Up My Elderly Parents On a Program They Can’t Afford. – Harley Jean

“Dear Steve, I am trying to help my parents who are 76 and 80 years old. They have 30,000.00 in Credit Card Debt. Mother without my knowing signed up with a consolidation company and agreed to have 800.00 taken out of her Checking Account monthly, they do not have this money available. I now know … Read more