Senior Citizen Bankruptcy
The downslide in the economy over recent years has resulted in more bankruptcies filed than in years past. One of the most hardly hit by the economy are the elderly. It is estimated that nearly twenty five percent of bankruptcy case are filed by those over the age of fifty five. Senior citizen bankruptcy is on the rise due to limited income and exorbitant medical expenses.
With the high cost of medical care and prescription drugs, America’s seniors are depleting their hard earned savings and compensating the cost of living by running up credit card debt. Senior citizen bankruptcy seems to be the only way out from under stifling debt for many of our elderly. The stress of the inability to pay bills adds to medical problems and the overspending cycle perpetuates.
Many who are forced into senior citizen bankruptcy never thought they would see the day when they would become a statistic. In their early life, pride and hard work was the ethic. They spent a lifetime building a home and looking forward to a comfortable retirement. They offered financial help to their children when needed. Many of our seniors never thought they would see a time when they could not afford to live.
Yet, senior citizen bankruptcy has become more prevalent. Current healthcare plans and Medicare are often inadequate to cover the medical needs of the elderly. Out of pocket expenses are greater today than in prior years. How does one keep up on a limited income? Disease and medical conditions requiring prescription medications, interim treatment or apparatuses necessary for every day survival have become the overwhelming causes of the elderly finding themselves drowning in debt.
If you have an elderly loved one or friend who is in dire financial straits, point them in the proper direction. If senior citizen bankruptcy seems to be the only way out, search the internet for bankruptcy options in the state in which they reside. Bankruptcy laws vary from state to state. You will find information regarding the allowable exemptions in Chapter 7 bankruptcy. Facts regarding the means test for determining eligibility for Chapter 7 or Chapter 13 bankruptcy are also readily available. There is even information regarding the means test, which will allow your loved one to get a good idea as to which senior citizen bankruptcy will best suit their situation.