Filing Bankruptcy in Retirement
Elderly Americans Are Filing Bankruptcy to Seek Financial Relief
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Older Americans are entering their retirement years with something that seniors in generations past rarely had—debt.
A recent study by the Consumer Bankruptcy Project has shown that many older Americans are filing bankruptcy rather than continuing to struggle with financial difficulties.
In fact, the number of elderly people now filing bankruptcy is increasing at a higher rate than younger adults, as these statistics gathered by the AARP for the Consumer Bankruptcy Project study reveal:
- Between 1991 and 2007, the number of retired people aged 65 and older who filed bankruptcy increased by 150%.
- Additionally, the rate of people aged 75 to 84 who filed bankruptcy increased by 433% during this same time period.
While a USA Today story noted that this study did not list specific reasons that more retired Americans are filing personal bankruptcy, there is evidence that medical bills not covered by insurance and increasingly expensive prescription medications are partially to blame.
Envision Financial Freedom and Living the Retirement You Earned
If you are living on a fixed income during retirement and just cannot stretch your money far enough, learn more about your options. Filing bankruptcy has restored peace of mind to many people in difficult financial circumstances.
The U.S. Bankruptcy Code offers two types of protection for people in their retirement who may be struggling with medical bills or other debt.
Chapter 7 bankruptcy has helped others in retirement get liberated from the burden of medical and credit card debts that have become unmanageable. Filing Chapter 13 bankruptcy has allowed Americans to keep their homes and other property while repaying debts over a period of time with a manageable payment plan.
Regardless of which form of personal bankruptcy protection you may be considering, take comfort in the fact that—in most cases—an automatic stay goes into effect when a bankruptcy case is filed.
What does this mean? The automatic stay is a court order halting most collection activity, including the annoying phone calls, nasty collection letters or even foreclosure actions.
Learn How Filing Bankruptcy Has Helped Others During Retirement
Life can often throw us curve balls, but that doesn't have to ruin the rest of the game.
By just visiting Clear Bankruptcy, you have already taken the first step towards correcting your financial situation and seeking a better retirement.
Now take the next step below and get in touch with a local bankruptcy lawyer who can help you examine your situation determine whether filing bankruptcy may be able to provide you with the clean slate you deserve during your retirement.
Connect with an attorney today. Simply fill out our free form or call toll-free 877-833-2410 to speak with a local bankruptcy lawyer near you.