In a survey of older Americans regarding their reasons for filing bankruptcy, about three in five report medical bills played a role, over two thirds say a drop in income was to blame, and nearly three quarters were victims of creditor harassment that led them to seek protection. Looking at the median household of Americans 65 and older reveals that on average most have only 60K in liquid savings, with the bottom 25 percent deterring around 3K. More people are also entering retirement with … [Read more...]
Archives for August 2018
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Older Americans Filing Bankruptcy Protection Sooner Than Later
The rate of older Americans filing bankruptcy at age 65 and up is three times what it was in 1991. A perfect storm of declining income, reduced savings, increased out-of-pocket spending on healthcare and a shrinking social security safety net, has many older Americans seeking bankruptcy to stave off creditors and stay afloat. (Read Abstract: Graying of U.S. Bankruptcy: Fallout from Life in a Risk Society) However, many older Americans tend to wait too long to file bankruptcy. Only after they … [Read more...]
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