Tag: filing for bankruptcy in retirement

Bankruptcy Law

Mistakes to Avoid if You are a Senior Filing for Bankruptcy in Florida

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More seniors are filing for bankruptcy than ever before, which has been the result of a number of factors including rising healthcare costs, lack of retirement savings and less social security.  Between the years 2013 and 2016, approximately one in every eight bankruptcy cases were filed by individuals who were older than 65. Twenty-one percent of those filing for bankruptcy were between the ages of 55 and 64.

The following mistakes were made by individuals in this age group as they attempted to explore options to avoid filing for bankruptcy.

Bankruptcy Law, Medical Debt

Why So Many Americans Over the Age of 55 are Filing for Bankruptcy.

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Bankruptcy offers filers a fresh financial start, but for many bankruptcy petitioners, that start comes later in life. In the past three decades, the number of people over the age of 55 who have filed for bankruptcy has gone up significantly. This increase has many financial experts wondering why so many individuals nearing retirement are filing for bankruptcy.

According to a paper by Robert Lawless, the percentage of older Americans, specifically between the ages of 55 and 64, increased by 66 percent between the year 1991 and 2016. The number of bankruptcies filed by individuals between 65 and 74 increased by more than 200 percent between this time period. In fact, approximately 12 percent of all bankruptcy filers are over the age of 65.