According to recent studies published by academic researchers under the consumer bankruptcy Project, there has been an overwhelming increase in older Americans and their likeliness to file for consumer bankruptcy.
One of the largest reasons cited for many senior citizens filing for bankruptcy include the insufficient income in pensions as well as the higher healthcare costs. It seems as though many older Americans are losing their safety net, especially when it comes to their retirement plan and their retirement savings.
When compared to statistics from 1991, there has been almost double the amount of bankruptcy cases for Americans age 65+. There has also been a large degree of older Americans entering the US bankruptcy system. Nearly a five-time increase in the percentage of Americans 55+.
As a result of this study researchers are suggesting that there needs to be a significant change in policy so that members of the aging population can have access to greater financial stability.
Mounting debt from medical expenses is something that can be forgiven through Chapter 7 or Chapter 13 bankruptcy. Considering Chapter 7 or Chapter 13 bankruptcy could be an excellent way that you can establish a debt repayment plan through Chapter 13 or sell off selected assets under Chapter 7 bankruptcy to essentially repay and wipe your debts.
Meeting with a bankruptcy attorney can often be one of the best ways that you can get through financial crisis and understand the best bankruptcy option to suit your needs. Keep in mind that filing for bankruptcy as a senior has become a popular option and until policy changes are made with regards to medical cost forgiveness and seniors debts it could be one of the only choices available for many seniors across the USA.
This post was written by Trey Wright, one of the best bankruptcy lawyers in Tallahassee FL! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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