Older Americans Going Bankrupt

April 1st, 2009 by Reed Allmand

In a 2007 study done by the AARP, it was discovered that Americans 55 and older accounted for 23 percent of all bankruptcy filings in the United States. And as the economy continues to slump, many senior citizens are finding it more difficult than ever to cover their living expenses with social security and savings. Older Americans also make up 28 percent of homeowners who are delinquent at least one month on their mortgage and facing foreclosure. Basically our seniors are facing foreclosure and bankruptcy on a scale never seen before or at least not since the Great Depression.

But it’s not just the high cost of living and low savings rate that is pushing seniors into bankruptcy, medical debt is literally destroying the wealth of American seniors and is the leading cause of bankruptcy for all Americans; but especially seniors. Even senior citizens who have “played by the rules” and kept their consumer debt low are facing insurmountable medical debt once they face an illness. And because of their small amount of income, they have no way of repaying it making bankruptcy a necessity.

If you’re a senior citizen facing mounting medical debt, do not delay, speak with a Dallas-Fort Worth bankruptcy attorney today. Bankruptcy is especially designed to help those facing huge debts including medical debt. There is no shame in filing bankruptcy and you should never deplete your savings or liquidate assets such as your home to repay large debts that can be handled in bankruptcy. Bankruptcy was designed to help seniors and all Americans protect their assets when debts become unbearable. Allow the bankruptcy laws to work for you.