Older Debtors Filing Is The Recent Trend In Bankruptcy?
                     Older Debtors Filing Is The Recent 
Trend In Bankruptcy?
A recent trend is that older debtors are beginning to file 
bankruptcy with more frequency. The rate is more than 
double what it was in the early 1990s. The rate of 
debtors over the age of 65 filings for bankruptcy 
increased over 200% from 1991 to the present. 
The cause of this increase is the medical bills as well as 
the lower incomes they receive and the nationwide 
decline in pension, retirement pay, and interest rate 
earned on money saved or the death of a spouse. Many 
resort to living with their children or doing without 
necessities to pay their bills.
Medicare does pay some health care costs, but it does 
not cover extensive care, hearing aids, dental 
procedures, eye exams, foot care, and some other 
treatment. Sometimes there are co-pays, coinsurance, 
and deductibles. The skyrocketing medical costs are just 
too much. Sometimes Churches, friends, or family will 
help. However, once they get behind on their bills, the 
constant calls from bill collectors are just too stressful 
and they contact a bankruptcy attorney for help.
Most debtor’s over 60 are reluctant to file for 
bankruptcy. They have a stronger sense of a moral 
obligation to pay. Some have parents that grew up 
during the Great Depression or were part of the 
“Greatest Generation”. The decision to file for 
bankruptcy takes place over time.
Most debtors struggle for years in what’s known as the 
“sweatbox”. Most deplete all their assets when it 
wasn’t necessary. The assets could have been protected 
and kept under bankruptcy laws. It’s a very difficult and 
painful decision, but one that ultimately leaves them in 
a better financial position for their Golden Years. The 
over 60-year-old clients are some of the most 
appreciative clients I have. They are respectful, 
compliant and will bake you a cake from scratch for 
your birthday. At least one I’ve represented does.
Please call the Law Office of Tony Turner if you’d like a 
free bankruptcy or workers’ compensation consultation 
904-679-2020.