Posted On: April 30, 2010
Jacksonville Bankruptcy Attorney Notes Rise in Bankruptcy Filings Among Seniors
Of the one million Americans who filed bankruptcy last year, over 25 percent of those were over the age of 55. Statistics have shown that one of the fastest growing segments in bankruptcy filing demographics are those over the age of 75.It wasn’t that long ago that seniors were the least likely demographic group to file bankruptcy. Many carried no credit card debt and enjoyed healthy retirement accounts. The economic crisis of the past few years has caused a dramatic shift in the financial lives of seniors, draining their savings and retirement accounts and, in many cases, forcing them back to work.
In addition, credit card companies have stepped up their marketing efforts to baby boomers and seniors, who often carry the best credit scores and are emotionally invested in repaying their debts.
Retired seniors have found it almost impossible to live on a fixed income, and consequently carry more credit card debt and second or third mortgages than previous generations. Much of their financial security has been demolished by falling stocks that they no longer have the time to rebuild.
And this is exactly why bankruptcy exists – to help those who can no longer help themselves eliminate burdensome debt and get on with their lives.
If you need help with making difficult financial and legal decisions, contact our Jacksonville, Florida bankruptcy law firm.
Greg Gilbert
Keith Maynard
