5 Things Struggling Seniors in Debt Need to Know But Don’t
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- เผยแพร่เมื่อ 6 ก.ค. 2024
- Millions of struggling seniors are in debt with little chance to pay back all that they owe. Eric Olsen, Founder and Executive Director of the HELPS Nonprofit Law Firm, wants to give seniors in debt peace of mind. In this video, the attorney explains five things that struggling seniors with debt should know but don’t.
Time Stamps
0:00 Introduction to Attorney Eric Olsen and his experience with struggling seniors in debt
1:17 The most important thing seniors in debt need to know: struggling seniors’ incomes are protected
3:50 Senior’s bank accounts are protected up to twice their Social Security monthly benefits or other federal benefit
5:02 What struggling seniors can do to stop debt collector harassment
6:31 Where seniors can get a copy of a cease and desist letter
7:14 Many seniors are judgement-proof - creditors can’t take anything from them
8:26 It’s not the practice of consumer credit companies to try to take property away from struggling seniors
9:09 Struggling seniors do not have to hire a lawyer to represent them in court if sued
10:18 Seniors in debt need to be aware of all the misinformation out there
11:30 Struggling seniors in debt shouldn’t feel guilty about not paying debt
12:50 Struggling seniors in debt need to know that they’re not alone
13:27 How to reach the HELPS Nonprofit Law Firm for free or low-cost legal help
This advice from Attorney Eric Olsen could help seniors struggling with medical debt, credit card debt, or other issues. His goal is to keep debt collectors (who won't tell you your rights) at bay, or even make seniors' debts virtually disappear. The video also contains contact information for Eric and the HELPS Nonprofit Law Firm.
Jeff Hoyt is SeniorLiving.org’s Editor-in-Chief.
To learn more on why seniors don't have to pay old debts, watch • Why Seniors Shouldn't ...
For 5 Debt Collector scare tactics that seniors need to know, watch • 5 Debt Collector Scare...
For more from Attorney Eric Olsen on preventing senior scams, watch
• Top 5 Tips to Avoid Se...
For how to deal with debt collectors, watch • Why Seniors Shouldn’t ...
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To contact the HELPS Nonprofit Law Firm, call 1-855-435-7787 or visit helpsishere.org.
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Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $287k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@KarlyNoorda Could you kindly elaborate on the advisor's background and qualifications?
Finding financial advisors like Sharon Ann Meny who can help you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Sharon has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
It's a great day to hear you on the air like this. You bring a lot of peace and calm to senior citizens.
debt collectors will pose as realtors and donation companies in order to contact a senior person. They don't cease and desist unfortunately.
I'm glad you're out there. Great news thank you so much
HELPS and Senior Living are both informative . But, with Eric and Jeff together, this is a strong combination !😎😎
Thank you Jeff. So many need to hear this. Thank God for HELP and God Bless all who are employed there. The Spanish versions are also a valuable asset for HELP'S presentations.
Glad we could help. Gracias!
Very important information for seniors. Thank you so much for helping seniors who ran into trouble that’s not their fault.
68… my hubby 68 had esophageal cancer in Jan he had surgery in Feb he’s gone downhill in now dying,, now I can’t pay our credit cards after 30 years of good credit,,probably going to lose my house of 30 years to,,,, the thing is I’m on hospice to n dying of lung cancer,,,, So I shouldn’t worry about the credit cards,,we only get SS
Sssmith: I stopped using credit cards in 1992 or 1993. You NEED to be living in a State with adequate safety nets. Create a new lifestyle before the old one is taken away from you. Medical bills are a cause if seniors moving to van life. One option you have is selling the home, buying a nice van for cash and making it comfortable. That is better than a bankruptcy and a homeless shelter.
Renee Cassie, R.N., got remissions with Essiac ( Cassie's Tea ), which is a Canadian Ojibwe mixture if 4 herbs. The immune system booster is sheep sorrel. The other 3 herbs clean toxins out if the blood. Decades ago Canadian physicians referred terminal patients to her, and she git some remissions. She write a book. Lots of health food stores still carry the dry tea to be boiled at home.
The credit you used gave you a nice lifestyle. Didn't you always know that your credit was based on creditors being sure they could get the house?
If you are sick, you can't take care of the house alone. Move forward with what is easier.
Keep your head up and stay strong I will be praying for you and your husband
Thank you, Jeff for sharing this information!!
You're very welcome, Felicia! Thanks for watching so many of our videos.
Thank you... Excellent Information... Life changing...
Excellent info !
Thanks for watching!
I saw on another video that many seniors don't apply for food stamps even though they qualify. The food stamp program is not allowed to count your retirement savings as assets. Nicole from Low Income Relief would probably love to be interviewed by this channel.
Awesome info, Thank you!
Glad it was helpful!
Thank you this information it has helped to ease my mind.
Thanks for his video!! You have relieved a crushing weight from my mind. I never knew any of this information.
Much appreciated and thank you for the important information ❤
You're very welcome.
Great video..
Thanks!
Thanks Guy’s
What about HOA fees. My HOA keeps going up every year on their dues! When I moved into this neighborhood the HOA was not mandatory payment, but I paid anyway to help. Now I’m 82 and it’s really hard to come up with almost $500for HOA! I was on the board when they went mandatory and the attorney said those of us who lived here when they were it was not mandatory were grandfathered in. Do you know anything about that?
You can contact HELPS and go over your situation Eric HELPS
God bless you ❤
Thank you so much, and may God bless you, too!
Thank you, but my debt is with the IRS.
Retired OR/RN. Until CoVid was making it, but with the skyrocketing costs it became so difficult. Live alone with 1 old cat.
Was living in SC, (Moved south almost 20 years ago after a divorce.), but due to loneliness decided to moved back to rural New York to live close to my family.
Downsize to a doublewide trailer.
Always had excellent credit, paid my bills,no problem ever with taxes or IRS.
Moving and ran into a list of Scammers. Had to deplete all my savings, Voya & Vanguard, and ended up owing the IRS a huge amount, which I do not have.
Am 73 and have tried to find a job for 3+ months. Am with 2 agencies. Keep filling out applications. Nothing. Filled out 1 to wash dishes, but hired someone else. Will do any job and believe that I am capable.
Am so depressed…
I was on the hook to IRS due to ex-husband disappearing, so I negotiated down $86,000 to $10,000. I did this without attorney. So can you!
You should be fine. You can apply for Currently not collectible status with the IRS. Senior Living has videos on this topic with HELPS Eric HELPS
BLESS YOU BOTH,---SO SO IMPORTANT TO KNOW 💯❗
He is right, but what he didn't tell you, is that once a credit card co. or debtor gets a judgment against you, it is recorded in the public records in the county and state where you live. At any time your home/real estate is being sold, all judgments that show up in a title search, have to be cleared at the time of closing so the debts have to be paid from the proceeds. This is just my opinion, from what I have experienced as a real estate paralegal. Could be different from state to state.
It is different. In some states a judgment is not a lien on a persons home or the lien can be removed upon sale of the home. For many other reasons this is not a problem Eric HELPS
My husband died n 2011 from cancer.We lost our home and car.l jus found out that l have a judgement lien from Ford Motor,a car that l had t let go back.l was not working and no income coming n after he died.My home is homesteaded.l am disabled and on Social Security.l need t get this off my homestead.How do l get it off?
Seniors. STOP answering unknown phone calls. If they really need to speak to you, they will leave a detailed message. Use your phones privacy features. Unsure how? Ask your grandkids to show you. They are phone experts.
Hello. New subscriber here. I’m 62. I lost my job last year in July and haven’t been able to replace that income. I’m literally delivering right now. Question: if I get a job can my creditors garnish my wages? They have charged off my debts.
First a creditor would have to file a lawsuit and get a judgment. Second they would have to know where you are working. Not easy to do and often not possible. Then state laws apply, some states like Texas don't allow garnishment of wages. In all state $217.50 net per week in wages is protected under federal laws. However many states protect much larger sums. It is highly unlikely you would have a problem. Eric HELPS
Who is a Senior? 62 yrs old. 65 yrs old, or 67 yrs old?
Some senior discounts start at age 50, Social Security can start as early as 62, and Medicare starts at 65, so it depends on which aspect of life we're covering. We're trying to help seniors of all ages.
This income, Social Security, pensions, VA benefits are protected regardless of age Eric HELPS
In Florida Senior is considered age 55 and can move into independent senior apts, get discounts
Social Security currently is “protected” really? How is it then the Republican Party has stated when they have control of Government they intend to “Privatize” Social Security - which translates to serious cuts in Social Security payments. So is not “protected” - Our Money - the money taken out of paychecks over one’s entire work life - is not “protected money” when it’s up for grabs every 4 years.
@@pttp321Protected from creditors…
But local property tax and school tax threaten to take your home and sell it. I am a retired sensior vision impaired and my daughter is Down Snydrome. We only have SSI. Will we lose our home? (there is no mortgage)
DThompson::File a homestead on your home. That protects you from creditors taking the home.
A probate attorney might give you a half hour free consultation about how to protect your daughter.
Your doctor can give you a referral to a Licensed Clinical Social Worker. They specialize in community resources. Insurance usually will pay the Licensed Clinical Social Worker for helping you reduce anxiety.
A home can be foreclosed for past due property taxes owed. There are options to deal with this problem. Filing a "homestead" whatever that means will not prevent a foreclosure for past due property taxes. Again there are options. You can call HELPS with your questions. Eric HELPS
I know people that will go out and spend, spend, and spend if they hear this. That is not right. I know someone who did this when their Mom was on their deathbed. However, she was a co-signer.the debt had to be resolved before the probate could be closed.
As an attorney for 45 years and having filed 30-40 thousand bankruptcies it is not the practice of seniors to intentionally run up debt. Eric HELPS
What can I do about my Parent Plus Loan?
Parent plus loans don't have as many protections as other student loans. Too complicated to talk about in a reply Eric HELPS
To contact the HELPS Nonprofit Law Firm, call 1-855-435-7787 or visit helpsishere.org.
Question...I'm on social security, and I have student loan debt....can't they garnish my social security income?
They could, but you could qualify for an income-based repayment plan. Watch th-cam.com/video/NvNyKej0dvY/w-d-xo.html and call the HELPS Nonprofit Law Firm at 1-855-435-7787
Presently set off of 15% of SS has been stayed at least through October Eric HELPS
Robert::Email your school and the federal Department of Education to get forgiveness of student loan program info. There are provisions for forgiving 20+ year old student loans.
If people go onto Social Security Disability before retirement, the student loan forgiveness is fairly automatic.
Your school wants your loan forgiven, so they can clear their books.
Biden requires that your school now release your transcripts.
What about student loan
I believe Senior Living has some videos with HELPS discussing student loans and seniors Eric HELPS
Celia: Contact your former school's financial aid office or the federal Department of Education by email. You can also ask a librarian to help you research online. The best librarian to ask would be either a local State University or a big city free Ask a Librarian phone in service. Some small town 'librarians' lack the research master of science degree.
There have been articles about forgiveness programs for student loans over 20 years old.
So their credit is tanked?..Does their car insurance rate go up?
Some states don't allow credit to affect rates. There are many ways to lower car insurance. Eric HELPS
Not all seniors are the age 62 and are considered im 58 and retired from New York City employment and retired on permanent social security disability benefits and recently had to get a refund for my pension because I was very sick and had over $10,000 in rent arrears and now I’m being sued and my only income is social security disability,what can I do after I paid solo suit to help and haven’t received any information since I paid please help
Yvette: Get a referral from your physician to a Licensed Clinical Social Worker because they specialize in community resources. She and your doctor will give you a diagnosis for anxiety or depression, and Medicare will pay the Social Worker. Specifically, tell her what kind of help you need, and if it's available in your community, she will write referrals.
Understand that you will have to become efficient in self protection in addition to self care.
People DO sometimes have to move into either subsidized housing, van life, or homeless shelters.
Your small SS payment each month allows you to rent a storage locker to keep some if your possessions and your clothing. The rent on that often is raised each year. The work around for that is you move your stuff to a cheaper unit in the same facility or another facility.
There are States that are good about providing subsidized housing for seniors, and there are States that leave you to struggle on your own or with the help of charities.
The best training can be at your local senior citizen senior nutrition lunch program. Those are federal grant lunch programs ( like free school lunches but for retirees/disabled elders).
Elders teach new elders how to survive. You have to confide what topics you want discussed over lunch. You can either confide that you have a problem or say you have a friend who has the problem.
The Licensed Clinical Social Workers are best for getting community resource referrals. The experienced elders are best in teaching how elder survival actually functions in your community.
There are States that care and States that don't. That is political.
Your SSD is protected and can't be taken from you. Eric HELPS You don't need solo suit. They should have advised you that your income is protected
I live in a HOA co-op. We have a monthly maintenance fee that goes up every year. NOW we got a special assessment of $225.00 that must be paid by Aug. 31st or a penalty will be added. Many seniors living here can't afford this. Do we have recourse? ❤
A HOA fee is a lien on the property. If you don't have it they wouldn't do anything for that small a sum. You could pay it over time and deal with a penalty. HOA fees can be a headache especially as properties age and there are sometimes special assessments. Depending on how much equity you have, in some instances, a reverse mortgage could help resolve the problem. Eric HELPS
To contact the HELPS Nonprofit Law Firm, call 1-855-435-7787 or visit helpsishere.org.
What age is considered “senior”?
It depends on lots of factors. Some senior discounts start at age 50, Social Security can start as early as 62, and Medicare starts at 65.
Can they take my car if I'm still making payments
no Eric HELPS
You say their "income is protected," but I assume its only their SS. If they got a job because their SS isn't enough to cover monthly income, that extra income could be subject to a judgment- correct?
Virtually all pensions are protected as is disability and VA benefits. Also some states don't allow garnishment of wages. Federal law protects $217.50 net in every state and many states have laws that protect much higher amounts. Plus a creditor would have to sue and find out where a person works which information is not readily available. Eric HELPS
Yes, I had it happen to me.and they garnished 25% of my income,,,So, when Covid came & my job ended & only had SS coming in, the garnishment stopped.
Why does the HOAs think they are above the law? Mine has been acting as an overlord, don't do this, don't do that, assessments, fines. Some HOAs take your home!
HOA fees can be a headache agreed Eric HELPS
What if a senior couple has 2 cars?
It is not the practice of consumer judgment creditors to go after non exempt equity in vehicles Eric HELPS
Not your PFD in Alaska. They can take that money you owe.
The laws discussed here that protect seniors income are federal laws valid in all 50 states including Alaska Eric HELPS
This does NOT say, you don't have to pay the dept back.
Wasn't that made clear? That the debt doesn't have to be paid back. Certainly if you can afford to pay debt that would be best. However laws protect seniors income so it is available for their needs like food, medicine and housing Eric HELPS
States WILL garnish social security benefits for 25 year old past child support arrears. $182.30 a month from a $702 monthly income that is a senior's SOLE SOURCE OF SURVIVAL. Forcing the 68 year old disabled senior to live in their car. And NO ONE can stop it, even when the senior goes on SSI. NO PROTECTION OR HELP FOR US
You are partially correct. There is an exception for the protection of social security for past due child support. SSI benefits are completely protected from garnishment for past-due child support Eric HELPS
Retired US Military? Same same?
Yes Eric HELPS
California even took my covid money they have been paid it was on hand I went up to the advocacy office several times to get help never got help California does not help you I was homeless disabled and I'm a senior they will not help you I already feel dead😢
State income tax returns are not protected
It depends on protected from whom and the state where you live. In the vast majority of states, a state income tax refund is protected from garnishment. Do you live in Michigan? Eric HELPS
So, you do realise that people don't have pensions anymore. I don't know why you are discussing them. We have what is known as a 401k and IRA. You didn't even discuss those. Why?
401k and IRA's are protected. I always try to include these may have missed it. Eric HELPS
Other videos mention 401ks and IRAs and those can be protected as well. Also, some people still get pensions.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.