Study: Bankruptcies soar for senior citizens - washingtonpost.com:
"It all worked fine for Noda, a widow for 23 years, until she was forced to undergo double-bypass surgery and deal with respiratory problems. She started using two credit cards more frequently for food and bills. Before long, she was $8,000 in debt and behind on car payments.
'I'd go to bed and all I had on my mind was bankruptcy,' she said. 'I had nothing left.'
Noda's car was repossessed, but her trailer home wasn't in jeopardy because her daughter owns it. While she's covered by Medicare and receives $968 in Social Security each month, she relied on her job for other expenses. She had no choice but to get help from Jacksonville Legal Aid and declare bankruptcy.
Most bankruptcies are still filed by people far younger than Noda, but the percentage the younger filers make up has fallen over the 16-year period, according to the Consumer Bankruptcy Project analysis, which will be published in the Harvard Law and Policy Review in January.
In 1991, the 55-plus age group accounted for about 8 percent of bankruptcy filers, according to the study, which looked at more than 6,000 cases filed in 1991, 2001 or 2007. By last year, filers 55 and over accounted for 22 percent."
Thursday, August 28, 2008
Study: Bankruptcies soar for senior citizens - washingtonpost.com
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1 comment:
These numbers are staggering though not surprising. Sad to see people subjected to the stress of bankruptcy, especially at that stage in their life.
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