Seniors Debt or Bankruptcy Information Article
Your finally made it to retirement . Perhaps you do not have the amount of pension income that you had hoped for, but you are comfortable and relatively debt free or at least managing to make all of your monthly payments without getting “past due” notices or collection agencies calling.
Then it happens. A phone call comes from a family member explaining their dire financial situation. It could be the result of a marriage breakdown, layoff at work, loss of the overtime at work– it really does not matter “why”. What does matter is they are asking for your financial help. Deep down you fear the chances of them repaying the loan are very slim and yet you want to help. Before you say yes, take a few minutes to analyze your situation. If you lend the money and it is not repaid, will there be any effect on your own financial situation? Is this a one time request or is the problem long term? You need to find out if they are requesting help from anyone else. It is a very good idea to have a family meeting to discuss how the family is going to help. This has three advantages: First, the reason for the need of the money is verified. Second, if the loan is granted, it can come from several people which will spread the risk. Third, if the family decides it is not in the best interest of everyone to grant the loan, the family is collectively saying no, not just you.
It is very difficult to say no to someone in trouble, especially if it is someone in your own family. Please make sure that you do not hurt yourself at the same time. If you cannot afford to say yes – it is ok to say no. Your family will love you regardless of your answer.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.