Sunday, 20 of August of 2017

SENIOR CITIZEN BANKRUPTCY FILINGS INCREASE:

December, 2010 Chicago Times.
Forced to rely more heavily on credit cards and other forms of debt to make ends meet, many older Americans are drowning in a sea of bills they can’t handle and living in fear that things will get worse.
“The problem is 50 percent of baby boomers are ill-prepared financially to retire,” said Thomas J. Mackell, former chairman of the Richmond Federal Reserve Bank. “They just don’t have enough money, and many of them are in debt.”
From 1991 to 2007, bankruptcy filings by those 65 and older increased 150 percent, while bankruptcy filings for seniors in the 75-to-84 age group climbed 433 percent, according to the Consumer Bankruptcy Project.
People age 50 and over are having finding employment and their homes — a major asset many had expected to rely on in retirement — are decreasing in value