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Many seek debt relief as they prepare to retire

For many Florida seniors, the ability to retire is threatened by high levels of debt. This can leave an individual with little option other than to continue working, sometimes for many years beyond their desired retirement date. For many, the need for aggressive debt relief is immediate. Health concerns, the loss of a job or many other factors can push forward one's retirement date, whether they can afford to stop working or not.

There are several options available for individuals struggling with unmanageable debt. One involves working with a professional credit counselor to regain control of outstanding debt. This is a very individualized approach, and can be a good fit for many consumers. The process is lengthy, however, and it can take many years before full debt relief is achieved. For many, there is simply not enough time to take this approach before retirement begins.

Another approach involves filing for personal bankruptcy. With this choice, an individual lists all of their debts, and some of those obligations are discharged through the bankruptcy process. This means that those debts will be eliminated, and will never need to be repaid. Bankruptcy will lead to a decrease in one's credit score, but consumers can rebuild their score over time.

Determining which option seems best is a very personal matter, and requires a comprehensive understanding of one's financial scenario and their retirement goals. Florida seniors can rest assured that there is a debt relief solution available, no matter how dire their financial outlook may be. With the proper level of planning and implementation, retirement is an attainable goal.

Source: U.S. News & World Report, How to Confront Debt Before You Retire, Daniel Solin, March 4, 2014

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