Studies are showing that the “Baby Boomer” generation is struggling with more debt than previous generations – especially in old age – and it’s been estimated that in the past decade, those between ages 65 and 74 have accrued five times more debt and saved 32% less than previous generations.
As we recover from the financial crisis in which millions of Americans faced pay cuts, declining real estate value, and even unemployment, Baby Boomers turned to credit cards to keep up with daily obligations, medical bills, student loan debt, and other expenses. With so much debt facing the generation, many in this age-range are working longer, putting off retirement, and moving into less-expensive homes, all while cutting back on everyday spending. Many are also filing for Chapter 7 bankruptcy in the hopes of achieving financial stability for retirement despite crushing debt.
It’s estimated that over 90% of all bankruptcy filings result from medical expenses, divorce, or unexpected job loss, and for some bankruptcy attorneys, 55-and-older clients make up nearly half of their client-bases as opposed to just 10% ten years ago. If you are over the age of 50, struggling financially, and considering filing for Chapter 7 bankruptcy, you’re not alone. Contact an experienced bankruptcy attorney today for a free consultation.