I’ve devoted this week’s Bankruptcy in Indiana articles to looking back five years and comparing what I was writing about then with what’s going on today. Maybe it’s just that, after more than twenty-six years in the practice of Indiana bankruptcy law, I’m struck by the fact that, while we seem further away than ever from solving the problems of our world, the bankruptcy system remains a tried-and-true safety net, continuing to make a positive difference when things go wrong and bad things happen to good people.
In fact, five years ago I nicknamed bankruptcy “the ultimate redevelopment project”. I was highlighting an affordable housing project in the Fall Creek area of Indianapolis. As an Indianapolis lawyer for bankruptcy, I was really pleased about Mapleton Park, because two things clients need to rebuild their lives after bankruptcy are the availability of good jobs and the availability of affordable housing.
When it comes to seniors, of course, the challenges are even greater. Just a couple of weeks ago, I shared some AARP statistics about seniors showing that many of them are deep in debt. Well, five years ago I was saying the same thing: “An alarming number of the elderly are singing into debt after spending down their retirement funds helping financially-struggling children…”, I wrote.
Talk about the more things change, the more they remain the same – “Millions of senior citizens can’t afford basic living expenses,” a recent study shows. “The costs of living – basic expenses like food, housing, health care and transportation – are too much for millions of people aged 65 and older to bear.”
So, no, we haven’t solved all the problems in our country, not by a long shot. But thankfully, there is no upper age limit for bankruptcy, and, once older people realize that help is available, they can use the bankruptcy safety net to make their older years less frightening.
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg