Recently, researchers are finding that bankruptcy filing is becoming more and more common among retirees in the U.S.. According to a study conducted at the University of Michigan School of Law, the population of Americans above the age of 65 is the fastest growing population segment for filing for bankruptcy protection.
Researchers concluded that the reason for the increasing number of bankruptcies among the retired population is simply that their cost of living is increasing while their income is decreasing. While Social Security has not been adjusted for several years and is decreasing, the cost of living, taxes and medical bills are increasing.
Furthermore, the study found that the retired population has 50 percent more credit card debt than the younger American population. Experts note that filing bankruptcy may be a very good option for retirees because it will most likely stop debt collections, free them of credit card debts, and protect their retirement accounts and home.
Contact the Milwaukee personal bankruptcy lawyers of DeLadurantey Law Office, LLC at 414-377-0518 if you would like to speak with one of our experienced and compassionate bankruptcy attorneys about the benefits of filing for personal bankruptcy.