Data from the Consumer Bankruptcy Project show that bankruptcy filings by seniors age 65 and older are rising. According to the paper “Graying of U.S. Bankruptcy: Fallout from Life in a Risk Society,”:
“The social safety net for older Americans has been shrinking for the past couple decades. The risks associated with aging, reduced income and increased health care costs, have been offloaded onto older individuals. At the same time, older Americans are increasingly likely to file consumer bankruptcy, and their representation among those in bankruptcy has never been higher.”
Researchers also wrote:
“The magnitude of growth in older Americans in bankruptcy is so large that the broader trend of an aging U.S. population can explain only a small portion of the effect. In our data, older Americans report they are struggling with increased financial risks, namely inadequate income and unmanageable costs of health care, as they try to deal with reductions to their social safety net.”
Should Seniors File For Bankruptcy?
Whether or not you should file for bankruptcy will depend on the specific details of your financial situation, which is why you should consult with an experienced attorney to get advice on all of your legal options.
Ask yourself the following questions if you are a senior thinking of filing for bankruptcy:
- Does my debt qualify to be wiped out under Chapter 7?
- Is my income low enough to pass the Chapter 7 means test?
- Do I want to catch up on car or home payments through a Chapter 13 repayment plan?
- Will I be able to exempt all or most of my property?
- Is discharging my debt worth it if I’m going to have to give up my property?
Speak to a Bankruptcy Lawyer Today
At The Buchalter Law Group, we have years of experience helping seniors file for bankruptcy in order to get a fresh start. We can review your case and help you find the right solution to resolve your financial difficulties. Visit our law office today to speak with a member of our seasoned legal team.
Call (321) 320-6088 to request a free case evaluation with our dedicated Brevard County legal professionals.