Bankruptcy Filings on the Rise Among Older Americans

There are many elderly individuals in Ohio and elsewhere who have experienced the tribulations of financial strain. With the nature of the impact similar concerns can have on one’s financial stability, these issues have left many searching through the available options for relief. Recent reports indicate that bankruptcy filings among older individuals have increased by as much as three times over a recent 25 year period.

Studies indicate that one growing concern for the elderly pertains to a widening inequality of wealth. Experts suggest that this disparity in wage gap and the constant increases to the costs of living have left many older individuals facing significant debt loads. With reports suggesting that senior citizens will make up nearly a quarter of America’s population by the year 2050, similar issues may only continue to grow.

Other factors that affect many older Americans include rising health costs. Even those who have yet to enter retirement admitted that they have been forced to take time off work due to health complications. Changes to eligibility regarding Social Security and a lesser focus on pension plans may also be contributing factors to financial concerns among this age group.

While filing for bankruptcy is a major decision, in some cases, it may also be the best available option to protect one’s financial future. Those who are uncertain if bankruptcy is the right fit could benefit from speaking with an experienced attorney for advice on all their available options. An attorney in Ohio can evaluate a client’s financial circumstances and help form a strategy to pursue relief from debts through the necessary methods.