Senior Citizens Declare Bankruptcy at Rising Rates

October 6, 2012

Today, senior citizens file twenty-two percent of all American consumer bankruptcies, an increase of 12 percent since 2000. While some of this significant increase may be attributed to the aging of the American populace, rising health care costs and living expenses as well as falling income primarily account for this disconcerting trend.

 

Debt problems are serious and troublesome at any age, but age is certainly a complicating factor for older Americans and their adult children. For greyer Americans, some traditional debt solutions – such as increasing revenue or decreasing expenses – aren’t feasible possibilities. For many, their income is fixed: comprised primarily of Social Security payments, retirement pensions, and investments. Likewise, their expenses are what economists call “sticky.” That is, it’s difficult for seniors to find ways to cut life-necessary costs like housing, medicine, and food.

 

Similarly, adult children often don’t know that their parents are struggling, don’t know how to help, or don’t have the financial resources to do anything. It’s a situation that no one wants and that is frequently characterized by confusion, anxiety, and stress. This is all the more true as parents age and lose the ability to understand complex matters.

 

Does this situation sound familiar to you? Thousands of adult children are attempting to design a financial and legal strategy to ensure their parents’ standard of living. You don’t have to fight this battle alone. The attorneys and credit experts at the law firm of Fears Nachawati are prepared to advise you and your loved ones. For your free consultation, call us at 1.866.322.6898 or email us at http://www.fnlawfirm.com/contact.cfm.

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