If you are a senior citizen and have high health care bills bankruptcy could be your answer. Luckily health care bills are one of the easier forms of debt to negotiate down when declaring bankruptcy. The major problem you will face is your lack of earning power and possible large number of assets. If you have a large number of assets and the courts force you to transfer a larger portion to be sold, you could see very little benefit. This would probably happen if you file Chapter 7 bankruptcy. If you file Chapter 13 bankruptcy, you could put yourself in a tough position due to lack of earning power. Even at reduced rates, debt payments could be overwhelming with a constrained paycheck.