Written by Jeena Cho
We are often told that bankruptcy does not discriminate. It can happen to anyone: the rich, the poor, the educated, the uneducated … but we are seeing a trend. Our citizens of retirement age aren’t retiring. Instead, they are filing bankruptcy.
According to a recent article in USA Today, “people 65 and older are the fastest-growing segment of the population seeking bankruptcy protection…”
The reasons are many. Some are not prepared for retirement. Some are having their retirements stolen out from beneath them. Many are starting to use credit cards, some of them for the first time in their lives, just to pay the bills. Many of them own their own homes, but find that the value of their homes has depreciated drastically. Many “retirees” are unable to find full-time work, and many part-time jobs require physical labor that they just can’t do anymore. Social Security checks aren’t much help. What are these people to do?
Retirees have more medical needs, which translates into higher medical bills. Many of them have trouble finding health insurance, and when they do, it often doesn’t cover the services or medications they need. The cost of healthcare continues to rise, and prescription medications are enough to break the bank. Many people are plunging into debt just to try and stay alive.
Is bankruptcy the answer? It’s possible. If you are one of these people who should be comfortably retired by now, do not feel embarrassed. You are not alone. If you are feeling the squeeze, don’t despair. Talk to a bankruptcy attorney. You don’t have to commit to anything. Just have a conversation with a professional who knows what you’re going through.
Image credit: dorena-wm
