Older Debtors Filing Is The Recent Trend In Bankruptcy?

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Older Debtors Filing Is The Recent Trend In
Bankruptcy?
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• A recent trend is that older debtors are
  beginning to file bankruptcy with more frequency.
  The rate is more than double what it was in the
  early 1990s. The rate of debtors over the age of
  65 filings for bankruptcy increased over 200
  from 1991 to the present.

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• The cause of this increase is the medical bills
  as well as the lower incomes they receive and the
  nationwide decline in pension, retirement pay,
  and interest rate earned on money saved or the
  death of a spouse. Many resort to living with
  their children or doing without necessities to
  pay their bills.

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• Medicare does pay some health care costs, but it
  does not cover extensive care, hearing aids,
  dental procedures, eye exams, foot care, and some
  other treatment. Sometimes there are co-pays,
  coinsurance, and deductibles. The skyrocketing
  medical costs are just too much. Sometimes
  Churches, friends, or family will help. However,
  once they get behind on their bills, the constant
  calls from bill collectors are just too stressful
  and they contact a bankruptcy attorney for help.

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• Most debtors over 60 are reluctant to file for
  bankruptcy. They have a stronger sense of a moral
  obligation to pay. Some have parents that grew up
  during the Great Depression or were part of the
  Greatest Generation. The decision to file for
  bankruptcy takes place over time.

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• Most debtors struggle for years in whats known
  as the sweatbox. Most deplete all their assets
  when it wasnt necessary. The assets could have
  been protected and kept under bankruptcy laws.
  Its a very difficult and painful decision, but
  one that ultimately leaves them in a better
  financial position for their Golden Years. The
  over 60-year-old clients are some of the most
  appreciative clients I have. They are respectful,
  compliant and will bake you a cake from scratch
  for your birthday. At least one Ive represented
  does.

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• Please call the Law Office of Tony Turner if
  youd like a free bankruptcy or workers
  compensation consultation 904-679-2020.