andyetf

Older Americans Bankruptcy Filings On The Rise

In Uncategorized on December 2, 2010 at 10:19 am

The elderly are filing more bankruptcies than ever before. Twice as many as they did 15 years ago. My experience with older clients is that their cost of living keeps increasing. The live on fixed incomes and can’t keep up with expenses. They don’t want to turn to family for help. So they end up using credit cards to make ends meet. Eventually, they can’t keep up with credit payments. When things get out of hand, they seek my help.

The problems the elderly face are not much different than those faced by working people. They confront the same rising expenses as every one else. But its more difficult for them to increase their income. Bankruptcy is a way for them to eliminate the debts they can no longer afford to pay.

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