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 have tried every which way they can to make ends meet, and in the process tapped out all their wealth, do they turn to bankruptcy protection. Often times, working with an experienced bankruptcy attorney at the first signs of trouble can help older Americans develop an effective financial strategy before they reach the tipping point.
Chapter 7 Bankruptcy protection is an effective tool to discharge unsecured debt while protecting some assets, offering a path forward for many. The first step is to get the information you need to understand what bankruptcy protection can and cannot offer you when a difficult financial situation arises. Contact the Peoria, Illinois bankruptcy law offices of Charles E. Covey to gain a better understanding of state rules and federal bankruptcy laws to determine the best path forward for you and your family today.
