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Bankruptcy Rates Rise Among Older Americans
According to a new study, “the rate of bankruptcy filings among those 65 and older has more than doubled since 1991.”
The study found that “Americans age 55 or older have experienced the largest increase in bankruptcy filings, going from 8.2 percent in 1991 to 22.3 percent in 2007.” Americans 34 or younger experienced the opposite effect. In 1991 they comprised nearly half of all bankrupt debtors, in 2007 they were just over a quarter of all bankrupt debtors.
This research by Elizabeth Warren, a Professor at the Harvard Law School, found that the median age for bankruptcy filers had increased from 36.5 years old in 1991 to 43 years old by 2007.
It is believed that the declining economy and increasing healthcare costs, coupled with the 2005 amendments to the bankruptcy law are the reasons for older Americans being at risk for bankruptcy.
Here is a link to this article:
http://www.consumeraffairs.com/news04/2008/06/bankruptcy_seniors.html
Yameena
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