Studies show increase in seniors filing for bankruptcy

by DeLadurantey Law Office, LLC on August 9, 2011

Several recent studies into the bankruptcy filings in the U.S. show that the number of seniors filing for bankruptcy is increasing.

From 8 years ago, the percentage of seniors that file for bankruptcy increased by approximately 3.5 percent, according to a study conducted at the University of Michigan Law School.

Another study found that the demographic of people 65-years old and older made up 8.3 percent of the total number of bankruptcies filed in the U.S. in 2009.  In 2006, only 7.8 percent of all bankruptcies filed were filed by people 65-years old and older.

“While health issues and medical debts are also contributing to bankruptcy filings by the elderly, credit card debt among the elderly has also risen, with a median of $22,562 being owed to credit card companies among filers 65 years and older,” states a study conducted in Boston.

To discuss the benefits of filing for personal bankruptcy in Milwaukee, contact the Milwaukee personal bankruptcy attorneys of DeLadurantey Law Office, LLC at 414-377-0518 today.

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