Bankruptcy Surging Among Older Americans
Bankruptcy
Analysis by the Consumer Bankruptcy Project shows a startling trend in bankruptcy: older Americans are filing for bankruptcy at higher rates than they were over 25 years ago. Older adults are not just filing for bankruptcy at a higher rate than they once were, they now also make up a greater share of all people filing for bankruptcy.
The total number of older Americans filing bankruptcy per year remains at 100,000 people according to reporting from the Times. A shrinking social security net for older Americans was the main reason for this dramatic jump in filers. Most people filing for bankruptcy cited a combination of reasons, such as: being unable to manage medical expenses, holding debt from mortgages and credit cards later in life, relying on a 401k rather than a pension to sustain retirement income, and helping adult children or older parents financially.
The total number of older Americans filing bankruptcy per year remains at 100,000 people according to reporting from the Times. A shrinking social security net for older Americans was the main reason for this dramatic jump in filers. Most people filing for bankruptcy cited a combination of reasons, such as: being unable to manage medical expenses, holding debt from mortgages and credit cards later in life, relying on a 401k rather than a pension to sustain retirement income, and helping adult children or older parents financially.