I came across the data below which is in line with what I have seen in my practice. More and more older adults need to file bankruptcy.
Some of the principal reasons, I see are:
- Helping family members, children, parents, etc.
- Co-signing student loans
- Frequent refinancing their homes; never paying their houses off
- Increased medical costs and bills
- Eroding pensions
- Buying cars on credit
- Little if no savings for a rainy day
- Poor budgeting and planning for future when their incomes will be lower
I am here to help those baby boomers who find themselves needing to examine if filing bankruptcy is best for them.