Why Are More Seniors Filing for Bankruptcy?

There’s no hiding it: more and more seniors are filing for bankruptcy. Whether you’re filing for chapter 7 or chapter 13 bankruptcy, there are far too many options and details to consider on your own, which is where a bankruptcy lawyer can be vital. If you’re struggling with finances, or know a senior who is, fully understanding the reasons that seniors are filing for bankruptcy can be an important part of finding the right solution.

Take a look at some of the causes of increased rates of bankruptcy, as well as some options for those struggling with financial hardships.

Bankruptcy Among Seniors

There’s no denying that some seniors have struggled to save a comfortable nest egg for retirement. However, even an adequate retirement fund can be drained far sooner than anticipated due to a variety of factors. Seniors not only struggle with paying their bills, but also with the stigma of financial hardships.

The Consumer Bankruptcy Project makes it clear that the bankruptcy filings of individuals over 65 have increased dramatically in recent years. The amount has increased by five times in recent years, which means there’s a good chance you may already know a senior citizen who is considering or has already filed for bankruptcy.

Your Insurance Safety Net

How confident are you with your insurance protections? Certain safety nets have been shrinking in the past few decades, and insurance premiums have been growing for even senior citizens. An unexpected hospital bill can mean the difference between a comfortable retirement and financial hardship. Insurance premiums and the increase in hospital visits have lead many seniors to seek a trustworthy bankruptcy attorney.

Taking Stock of Your Stocks

The stock market can be a blessing or a curse, particularly for seniors who rely in part on the trends of the market for their retirement fund. While the market has grown since the Great Recession of 2008, your investments might not be performing as well as you expected. Poor investment returns isn’t the only reason many seniors are looking for a bankruptcy lawyer, but it is a significant factor.

Navigating Bankruptcy

Bankruptcy can be devastating, but there is hope. If you or a senior you know is facing a difficult financial situation, consider hiring a bankruptcy attorney to help you navigate this difficult time. There are a number of factors that can lead someone to filing for bankruptcy, and nearly as many options to conduct if you need to file. In order to better understand what’s available to you, an attorney can offer advice and discuss with you all of these the different bankruptcy options. While it might seem like a dark time, bankruptcy can be a hopeful option for either you or your loved ones. Contact Brent George Law today for a Free consultation.

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