Study Finds Increasing Bankruptcy Among Older Americans

Number of filings from those aged 55 and older grew 61 percent in a five-year period.

Number of filings from those aged 55 and older grew 61 percent in a five-year period.

While states like Nevada have seen elevated levels of bankruptcy, a recent report indicates that older Americans are also facing an increased number of filings.

According to the study from the American Bankruptcy Institute, the number of those consumers aged 55 and older who had to file bankruptcy increased 61 percent from 2002 to 2007. The findings also indicate that the median age for those who had to seek this type of financial protection increased from 37.7 in 1994 to 44.9 in 2007.

"This significant demographic uptick in older bankruptcy filers has outstripped the aging of the general population as a whole," said study authors John Golmant and James Woods.

One of the factors that has played into higher bankruptcy filings for older people is the recent housing crisis, which left many of them with extreme reductions in home equity.

Given the housing difficulties faced by residents of states like California and Nevada, older people in those states may face an even more difficult situation. The Silver State's foreclosure rate has led the nation for more than 40 months

For more information call us at 866-210-1722 or fill out the form below.
contact-btn
Close

Contact Us Today

Price Law Group - Bankruptcy Attorney
Call Toll Free: 866.210.1722