Your retirement years are meant to be a time to relax and kick your feet up, taking in the hard-earned rewards of a life of hard work and careful financial decisions. Unfortunately, in recent years more and more seniors are being forced to deal with rapidly diminishing funds. There are many variables contributing to the increase in bankruptcy filings, with many cases affected by many of the below reasons. If you or a loved one are a senior citizen who is struggling financially, speaking with a trustworthy bankruptcy attorney may be the first step toward a happier life.
Bankruptcy is Harder on Older Generations
Many of the older generations of society take a great deal of pride in their self-reliance. When you have lived in control of your own life for so long, it’s hard to admit when you need help. This can often lead to some seniors opting not to file for bankruptcy even when it is in their best interest.
They’re More Leveraged than Ever
We are living longer than ever, which is great news, but one which also means many seniors are not as well-prepared for retirement as thought. This leads to increased reliance on options like credit, which can quickly spiral out of control.
Safety Nets are Less Secure
With cuts to important programs for seniors, there is less financial assistance to go around. This means that more money is needed out of pocket every month, which in turn leads to more seniors filing for bankruptcy. With smaller safety nets, they are left with no other options.
Healthcare is More Expensive
At the same time that assistance is on the decline, the costs of healthcare continue to rise. The increased cost can be seen in both costs for treatment for those not on government funded or subsidized plans as well as higher costs when picking up prescriptions from the pharmacy. Even small changes in costs can add up quickly over a long period of time.
Bankruptcy Can Help Make Life Easier
If you or a senior you care about is struggling to get out from debt, bankruptcy might be the solution. By removing the burden which high debts in excess of income can create, seniors are free once again to live comfortably and happily. Speak with a quality bankruptcy attorney like the attorneys at Brent George Law to discuss your options and learn if bankruptcy is right for your situation.