Older Isn’t Better When It Comes to Filing Bankruptcy in Indiana

July 2, 2013 2:10 am Published by

There are some things you don’t want to inherit, explains Adam Wiederman in dailyfinance.com, and debt is certainly one of them.  Wiederman’s article, “Inheriting Debt: How to Deal When You’re Left a Money Mess”, contains some bankruptcy information worth sharing with my readers and clients, I thought.

After more than twenty six years offering Indiana bankruptcy help, there’s very little that surprises me. Still, these AARP statistics are sobering, making all good bankruptcy attorneys in Indiana determined more than ever to make a positive difference for seniors who have money woes:

  • Between 2007 and 2011, 3,500,000 loans held by people 50 and older were underwater, 600,000 were in foreclosure, and another 625,000 were delinquent 90 or more days.
  • 2,200,000 Americans age 60 or older have student loan debt, with an average balance of more than $19,000.
  • Between 1991 and 2007, the number of people ages 65 to 74 rose 178%, with the number of those filing bankruptcy up 567%.
  • Two thirds of those age 75 or older have no money left in their retirement accounts.

Now, Wiedeman was giving advice to the children who will be inheriting their parents’ debt. I, on the other hand, was reading all these numbers from my point of view as a debt consolidation lawyer who offers Indiana bankruptcy help – to people who need relief right now.

What I have personally found in talking with older clients considering filing personal bankruptcy in Indiana is that they have believed in a bankruptcy myth. That myth is simply that filing bankruptcy is a sign you don’t handle finances responsibly. The fact is, most people file for bankruptcy because of circumstances beyond their control.

After reading this article, I asked each of the lawyers in all the Zuckerberg bankruptcy law offices to name one cause they see for the problem:

  •  (Columbus bankruptcy lawyer): Medical expenses play a large role in the financial problems of seniors.
  •  (Richmond bankruptcy lawyer): Parents go into debt to help adult children who’ve been hit with major hospital bills.
  • (Anderson bankruptcy lawyer): Rising costs of food and gasoline play a part in the problem as well, since many seniors are on a fixed income.
  •  (Bloomington bankruptcy lawyer): Older Hoosiers fall victim to scams and predatory credit card offers.

There is no upper age limit for bankruptcy.  The bankruptcy safety net is there whenever in life it’s needed!



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This post was written by Mark Zuckerberg

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