Thank you for attending this special GetSetUp event featuring Eric Olson, an attorney who has spent over 40 years helping seniors navigate financial hardships. Eric shared valuable insight on protecting your income, avoiding unnecessary debt repayment, and understanding your legal rights as a senior facing financial difficulty.

Key Takeaways and Next Steps

Your Income Is Protected: Social Security, pensions, disability benefits, and most retirement income are protected by federal and state laws. These funds cannot be taken by debt collectors, even if a lawsuit results in a judgment.
You Can Stop Harassment: Under the Fair Debt Collection Practices Act, you can send a “cease and desist” letter to stop collectors from calling or sending letters. You don’t need a lawyer to do this—templates are available online and through organizations like HELPS (Help Eliminate Legal Problems for Seniors and Disabled Persons).
Most Seniors Do Not Need to File for Bankruptcy: If your income is protected and you have no assets at risk, bankruptcy may not be necessary. Organizations like HELPS can represent you to stop collector harassment without costly legal proceedings.
Understand Student Loan and IRS Relief: Currently, federal student loans are not being collected from seniors due to an ongoing suspension. Seniors with low income may also qualify for “currently not collectible” status with the IRS, meaning they don't have to pay taxes owed. Even if notices are sent, action can be taken to prevent Social Security garnishment.
Protect Your Home and Assets Wisely: Judgment liens rarely lead to losing a home. Most creditors won’t pursue home seizure because it’s legally difficult and rarely profitable. However, it’s still smart for spouses to co-own homes and consider adding children to property titles or using a trust to avoid probate and protect family inheritance.
Beware of Debt Management and Settlement Scams: Many for-profit and nonprofit debt management companies do not inform seniors their income is protected and may encourage unnecessary payments. Always verify whether you’re truly obligated to pay and explore your rights before enrolling in such programs.
Avoid Fear-Based Decisions: Many seniors worry unnecessarily about judgments and credit reports. If your income is protected and you have no significant assets at risk, debt collectors have limited power over you.

Need Help?

Visit www.helpsishere.org to learn more about HELPS and how they assist seniors and disabled individuals in resolving debt-related stress.

Disclaimer: This information is for educational purposes only and does not constitute legal advice. Please consult with a qualified legal or financial advisor for specific personal concerns.