Lefkovitz & Lefkovitz
Nashville Office 615-686-2279 Cookeville Office 931-400-2218
Serving all of Middle Tennessee's Bankruptcy Needs

New report shows 1 in 7 bankruptcy filers is retirement age

The financial pressures that can drive anyone in Tennessee to choose bankruptcy hit seniors especially hard. A new report based on data collected by the Consumer Bankruptcy Project revealed a large increase in the number of people 65 and over who have declared bankruptcy. As of 2016, one out of every seven bankruptcy filers fell into this age group. Since 1991, the number of senior citizens in bankruptcy court jumped 480 percent.

Surveys of bankrupt seniors established income declines as the top source of falling into debt. Job loss or insufficient savings in 401(k) retirement plans left many people unable to make ends meet. A rising Social Security retirement age and the downfall of pensions represented other factors that reduced income for seniors.

Financial difficulty also frequently arose from medical problems. Sometimes poor health forced people out of the workforce. For those already retired, rising medical expenses overwhelmed their fixed incomes. Sixty percent of respondents often struggled to stay ahead of bills for two or more years before investigating debt relief.

During a period of financial strain, a person might be threatened by foreclosure and harassment from creditors. A consultation with an attorney might produce a plan to deal with credit card bills and medical debt. After examining a person's income and debts, an attorney might suggest filing for Chapter 13. This form of bankruptcy may establish a manageable payment plan and potentially stop foreclosure. To prepare for court, an attorney may organize the person's financial records and assume communications with creditors. An attorney might also inform uncooperative creditors about the bankruptcy court's stay on collections. Any questions that arise in court may be handled by an attorney to help achieve a fresh financial start for the person.

No Comments

Leave a comment
Comment Information

We Look At Your Case From Every Angle To Find The Solution That Is Right For You

Bankruptcy help for everyone, from the most simple to the most complex cases.

Call Us Now To Schedule A Free Initial Consultation

Contact our Nashville office at 615-686-2279 or our Cookeville office at 931-400-2218. You can also reach us via email to set up a time to talk to us about your debts.

Get Legal Help Now

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Nashville Office
618 Church Street, Suite 410
Nashville, TN 37219

Phone: 615-686-2279
Fax: 615-255-4516
Nashville Law Office Map

Cookeville Office
312 East Broad Street, Suite A
Cookeville, TN 38501

Phone: 931-400-2218
Fax: 931-526-6244
Cookeville Law Office Map

Back To Top