Bankruptcy Filings Up Among Senior Citizens

08 Sep Bankruptcy Filings Up Among Senior Citizens

Among the hardest hit in these difficult economic times are senior citizens.  Statistics show, according to the Sacramento Bee, that although bankruptcy filings have almost doubled since the early 1990’s, the worst hit were seniors.  For those between the ages of 65 and 74, filings went up over 125%.  But for people over 75, from 1991 to 2007, filings increased by as much as 567%!

No one wants to file bankruptcy. But for the young and employable, bankruptcy can create a fresh start and can correct old patterns.  That’s not so easy for the elderly. Healthcare costs are going up, employment opportunities are negligible, and for many, fixed income means economic cutbacks.  

 Still, at least the alternative of getting the fresh start that bankruptcy provides is available. That can reduce stress, remove concerns about old credit card and medical bills, and provide guidance in structuring the budget for the future.

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Douglas Jacobs is a California bankruptcy attorney and partner in the Chico law firm of Jacobs, Anderson, Potter & Chaplin. Since 1988, Mr. Jacobs has taught Constitutional law and Debtor-Creditor/Bankruptcy law at the Cal Northern School of Law. He has served as Dean of Students since 1994. He is a frequent lecturer on the subject of consumer bankruptcy law, and has spoken at both state and national levels.
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