A recent study has found that the rate of people 65 and older filing for bankruptcy is three times higher than in 1991.
This shift follows a three decade shift of financial risk from government and employers to individuals who are bearing an ever-increasing responsibility for their own financial well-being as the social safety net shrinks.
This comes in the form of longer wait times for full Social Security benefits, the replacement of employer-provided pensions with 401(k) savings plans, and more out-of-pocket spending on health care.
Bankruptcy can offer a fresh start for people who need one, but for older Americans, it could be risky depending on the amount of wealth that has been already been depleted.
From the research gathered, the following conclusions have been made: From February 2013 to November 2016, there were 3.6 bankruptcy filers per 1,000 people 65 to 74; in 1991, there were 1.2. In addition, 12.2 percent of filers are 65 or older, up from 2.1 percent in 1991.
If you are contemplating bankruptcy, Sam Henry Law can help. Call us today to schedule a free initial consultation. We listen carefully and give you proper attention, offering the best advice in a language you can follow. We understand what you are going through, especially in hard times. We can help. Call Sam today.