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The reality of bankruptcy among boomers

As the baby boom generation continues to age, they face new challenges that may not have been experienced by previous generations at the same stage of life. Many residents in Virginia and around the nation who are in the boomer group are plagued with serious levels of debt, forcing them to search for ways to get relief. There are different options available to consumers and for many boomers, a Chapter 7 or Chapter 13 bankruptcy may be the answer. 

Insider reported recently on a study that found a dramatic increase in the number of personal bankruptcy filings among consumers 65 and older in the past couple of decades. In fact, since 1991, these filings have increased by as much as 300%. This was based on a review of almost 900 consumer bankruptcy cases from people between the ages of 19 and 92 by the Consumer Bankruptcy Project.

The study found many factors that are contributing to the need of so many boomers to file for bankruptcy protection. Among these are the excessive out-of-pocket medical costs that people are burdened with, at a time when their incomes are generally declining. Living longer might be generally considered a good thing but that fact is also contributing to increased levels of debt as the same money has to last longer.

Deferring full Social Security benefits and relying on 401K accounts instead of pension plans has also been identified as negative financial factors for people aged 65 and older. It is clear from this study that the need for debt relief solutions among boomers is real.

 

 

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