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Bankruptcy Booms Among the Elderly

Bankruptcy Booms Among the Elderly

Bankruptcy is quickly becoming a reality for a number of Americans 65 years of age and older. In fact, they are three times more likely to file for bankruptcy now than this same age demographic did in 1991. With the exorbitant costs of healthcare, pensions disappearing and social security not going as far as it used to, it’s no surprise.

If you are in this age category and facing these same circumstances, you may find yourself asking: what has changed so much between then and now? After all, you were told you would have a pension to help support you into old age and that you could rely on government benefits, such as Medicare and Social Security, for the support you need.

You are being told to wait longer to apply for Social Security benefits that may or may not be there for you, and you are also being told that, if you want to retire comfortably, you should have been saving on your own and contributing more out-of-pocket towards a retirement plan. But what happens if another recession hits, if you suffer a major medical expense, and you suddenly find yourself struggling to make ends meet?

A study published by the Consumer Bankruptcy Project showed that this older generation has fewer resources to utilize to help them in the event any of the above situations happen to them. Ultimately, they find themselves with nowhere else to go but to bankruptcy court.

According to the Consumer Bankruptcy Project study, between the years February 2013 and November 2016, there were approximately 3.6 percent bankruptcy filings for every 1,000 people between the ages 65 to 74 years old. In 1991, this statistic was only 1.2 percent filings per 1,000 people in this age group. This older demographic is now representing a large number of bankruptcy filings. Recently, this figure is 12.2 percent of total filings. It has been said that even the aging “Baby Boomer” generation cannot explain this astronomical jump.

Despite these increasing numbers, it is not to say that all hope is lost. Bankruptcy is still here to help you get back on your feet when facing a difficult financial situation, regardless of your age. Even if you fall in this age demographic, it is always recommended you speak with a bankruptcy attorney first before letting things get too out of hand. At our firm, we do not have lawyer egos. We understand what our clients are going through. We treat our clients with respect and compassion.

If you have any questions on this topic or are struggling with insurmountable debt, call Orlando bankruptcy attorney, Walter Benenati  at 407-777-7777. At The Benenati Law Firm, we have helped thousands of individuals and families eliminate their debt and get a fresh start financially. The day you hire our firm, we will contact your creditors to stop the harassment and collection calls. We make our hours convenient for our clients and offer free consultations on Saturdays (9:00 a.m. – 3:00 p.m.) and throughout the week until 5:00 p.m. If you are in a financial crisis and considering filing for bankruptcy, contact an experienced Orlando bankruptcy attorney who can advise you of all of your options.

Law Offices of Walter F. Benenati: Bankruptcy Attorney

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