Bankruptcy can provide relief to scam victims
Forum News says that often, elderly individuals will attempt to wire money to friends and relatives, only to learn afterwards that these funds never arrived at their intended destination.
On March 5, the Grand Forks Herald published a piece by Midwestern newswire Forum Communications News Service that discussed the impact of financial scams on the region's elder population.
According to the report, a new bill is seeking to protect older Americans who may be at risk for fiscal scams.
“These scams continue to be a growing problem and we need to do all that we can to combat them,” Rep. Joe Atkins, who introduced the legislation with co-author Senator Terri Bonoff, told the report. “This legislation is a great step forward and while it's simple, it will make a huge difference in preventing these types of scams.”
Specifically, the legislation would protect senior citizens from wire fraud, which the senators who introduced the bill say accounts for millions of dollars in losses among this demographic each year. Making matters worse, the source noted, is that only around 5 percent of these scams are reported to law enforcement.
To increase protection, the bill would require wire transfer companies to notify the sender of the ultimate location of the funds and increase the penalties for this type of fraud. Forum News says that often, elderly individuals will attempt to wire money to friends and relatives, only to learn afterwards that these funds never arrived at their intended destination.
Still, those who are adversely affected by these attacks can seek beneficial financial programs for support. The newspaper noted that one victim is now using bankruptcy, as well as heating assistance, to make ends meet while she seeks a more comprehensive resolution.
In cases where the fraud greatly impacts an elderly individual's ability to make payments, a protective bankruptcy filing may be a solution to hold creditors at bay. At The Atlas Law Firm, our qualified lawyers can provide Minnesota foreclosure assistance or Minnesota bankruptcy assistance that allows our clients to regain their financial footing.