Simple Solutions To Financial Freedom

Bankruptcy on the Rise for Older Baby Boomers

On Behalf of | Oct 19, 2018 | Bankruptcy |

Baby Boomer bankruptcy is on the rise. While retirees still represent a small portion of those filing for bankruptcy, the percent of those over 65 filing is at a historic high.

In fact, according to US News “as of 2016, the share of elderly Americans filing for bankruptcy had ballooned nearly 480 percent from where it sat in 1991. For those over 75, their share of the country’s total bankruptcy filings climbed by nearly 1,000 percent.”

The culprit? The unexpected cost of medical bills along with the loss of income for those still working. Add to that, the growing number of older parents taking on the student debt of their children, the increase in debt for Baby Boomers is growing.

What can be done to help?

At Bankruptcy Advocates, Carbondale, we see that a lot of clients coming to us for help have already been struggling for a few years. Rather than seek advice and guidance when the situation first arises, they attempt to find a solution alone. Most in these circumstances are on fixed incomes and in a relatively short period of time, find their finances are untenable.

As soon as you realize that your expenses far exceed your hope of income, you need to ask for help. Consider these important points:

  1. You are not the first person to be in your situation. Others have come before and with help, have found ways to dig out from under the debt.
  2. Connecting with a professional that isn’t emotionally attached to the situation can help bring clarity and reason to the situation.
  3. Experts like the bankruptcy attorneys of Bankruptcy Advocates have handled thousands of cases and are familiar with the different options available, not all of which include filing for bankruptcy.
  4. Living with the stress of the debt and the constant harassment by creditors is not healthy.
  5. Trying to solve a situation that you haven’t been trained for is like attempting to fix an electrical problem in your home when your only knowledge is how to plug in the toaster – you need a professional to help.
  6. If filing for bankruptcy is the best solution for your situation, having a professional guide you through the process will ensure you chose the right option for your particular case.
  7. There is life after bankruptcy. Remember, that filing bankruptcy is a tool created to help people who have found themselves in similar situations.

The sooner you seek professional guidance, the quicker the creditor calls will stop, the mailings will cease and you and your family will be able to sleep better.

Give us a call. The first consultation is always free.

Southern Illinois Bankruptcy Attorney law firm Bankruptcy Advocates is located in Carbondale and serves a wide geographic community including Carbondale, Murphysboro, Marion, West Frankfort, Johnston City, Benton, Herrin, DuQuoin, and Pickneyville. We are a debt relief agency. Our southern Illinois bankruptcy attorneys help people file for relief under the Bankruptcy Code. The first consultation is always free. Give us a call at 618-549-9800 or email us at [email protected]  to speak about your case or legal matter. Convenient appointment times are available.