5 Things Struggling Seniors in Debt Need to Know But Don’t

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.

For more from Attorney Eric Olsen on preventing senior scams, watch


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Like to save money? Please watch: "The Best Senior Citizen Discounts"
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[brucesnyder]

Another great video. Thank you for your time and the information provided.

[CameronFussner]

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.

[Ray-cvkg]

HELPS and Senior Living are both informative . But, with Eric and Jeff together, this is a strong combination !😎😎

[Elle-wslm]

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.

[GS-stns]

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

[SSsmith]

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

[juliegotshaw]

Very important information for seniors. Thank you so much for helping seniors who ran into trouble that’s not their fault.

[feliciaweatherspoon]

Thank you, Jeff for sharing this information!!

[KiKiabout]

Thank you... Excellent Information... Life changing...

[gleea]

This is a very informative video and I am so grateful to hear and receive this information because frankly nobody ever told me that

[barbaraboethling]

Thanks for his video!! You have relieved a crushing weight from my mind. I never knew any of this information.

[sasunshine]

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?

[shericontrary]

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.

[chrismc]

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…

[VP]

Much appreciated and thank you for the important information ❤

[deeandrews]

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.

[GetAGENTORANGEOUTDumpty-edse]

BLESS YOU BOTH, ---SO SO IMPORTANT TO KNOW 💯❗

[LetitiaBourgeois-yevf]

Thank you this information it has helped to ease my mind.

[Tdj]

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.

[LeighPhillips]

It is unfortunate to lose years of work due to cancer diagnoses and have nothing to retire with. Cancer at 40 can ruin your life if you survive to 80 and that is no one's fault, but is a real concern for many of us.