A recent article on Forbes.com details a rising problem among Americans aged 50 and up. They are filing bankruptcy more frequently than ever before. Why is this, and how should older Americans react to this news?
Forbes attributes a great majority of the reason to the higher cost of health care. This is certainly a major player in the cause of bankruptcy for older Americans. In fact, according to this article, medical debt is the number one cause of bankruptcy filings. The recession of 2008 was a factor in causing these debts to increase. Other reasons are the lack of financial literacy, especially in women who are outliving their husbands. To make matters worse, debt collectors often harass elderly debtors unmercifully, calling them at all times of the day and night and causing endless amounts of stress (which, by the way, leads to more medical bills). If it sounds like a vicious cycle, that's because it is.
The good news is there are many options for elderly debtors who are simply drowning in bills. The first step is to educate yourself on your options. Many factors play a part in what you can or cannot do, so be sure to do your homework and find out what is the best option for you to pursue. You can read about Chapter 7 and Chapter 13 bankruptcy here on our website, and if you think one of them might work for you, call us as soon as possible. Our attorneys have assisted thousands of clients just like you to stop the creditor calls and get you back on the right track, free from unnecessary stress. Medical debt can stop with bankruptcy.
Curious about the other findings in the Forbes article?