Elderly Americans are More Likely to File for Bankruptcy Than You May Think

Bankruptcy does not discriminate. Regardless of which walk of life a person may come from, anyone can find themselves having to file for bankruptcy protection. According to a credit.com article, the number of individuals filing for bankruptcy protection continue to rise, and the demographics associated with those filings continue to change. That is, while the previous median age of those filing for bankruptcy in 1991 was 36.5 years old, the most recent data, collected from 2007, shows the median age to have risen to 43 years of age. Furthermore, reports are also showing the elderly Americans, who once made up a mere 2.1% of bankruptcy filings (1991) across the country, currently make up 7%, according to 2007 figures.
Elderly Americans, who generally have less disposable income due to their limited earning power, cite credit card debt, as the primary reason why they are forced to file for bankruptcy. Unfortunately, data shows that many elderly Americans use credit card debt to pay for everyday purchases, particularly since social security checks, personal savings, and pensions are insufficient to fully support themselves. Also the elderly must foot the costs of medical bills and medication costs. Analysts project that the overall number of bankruptcy filings will continue to rise through the end of 2010, and that the rate of filings by elderly Americans will increase as well. While the economy continues to slowly recover from its economic downturn, 1.3 million Americans are expected to file for bankruptcy.
The bankruptcy process can be quite complicated, and it is always advisable to seek the assistance of an experienced bankruptcy attorney if you are thinking of filing. At the Law Offices of Robert Manchel, our skilled New Jersey bankruptcy lawyers will examine the circumstances of your situation and help you determine what the best course of action should be in regard to your finances. For more information about filing for bankruptcy in New Jersey, please contact our offices today at 1-866-503-5655.