Following up on a previous senior bankruptcy news item, we've found some additional (and helpful) more information about the state of older Americans and bankruptcy from the AARP. Many Americans are feeling the crunch with the slow down in the economy and increased costs. Americans age 55+ have experienced the sharpest percentage increase in …
Rising Living Costs to Blame for Increased Senior Bankruptcy Filings
Rough economic conditions are hitting older Americans hard. Rising medical care and consumer goods being the worst. Many older people are taking on debt to pay for medical care. According to one study by the Harvard Law School, bankruptcy filings for seniors showed an increase from 8% in 1991 to 22% in 2007. In a related note, the federal …