Bankruptcy in Older Americans

Bankruptcy is no fun, at any age. Bankruptcy in older Americans seems to be on the rise, according to a recent article by Forbes.com.

“Medical debt is the No. 1 source of personal bankruptcy filings in the United States and people 65 and older now make up roughly 8% of bankruptcy filers, up from 7% in 2008.”

If you think about it, this statistic makes sense. As we get older, we tend to need more medical attention. However, as our medical needs increase, our monetary allowance decreases.

The article goes on to outline more statistics regarding older people and debt. It also discusses the pros and cons of bankruptcy later in life.

Visit the Forbes website here to read the full article.