According to online news reports, for the first time we are seeing a large number of seniors filing for bankruptcy. Before 2007, the elderly did not frequently file for bankruptcy protection. Job loss remains the biggest reason for filing for bankruptcy but now seniors entering retirement are also filing for bankruptcy. We may see a higher increase as the first Baby Boomers reach retirement age in 2012.
Why are seniors filing for bankruptcy? They may be too old to continue to work at their current level and as their income reduces, they may be unable to maintain their current lifestyle. Other seniors have lost their retirement through various stock crashes and the housing market crash. This loss of income and investments may make it difficult for them to pay their car payments and high credit card debts.
When the Baby Boomers begin to retire, they will do so in droves. There were over 70 million babies born between 1946 and 1964, representing the “Baby Boomer” age. Baby Boomers control over 80% of personal financial assets and more than 50% of discretionary spending. They are responsible for more than half of all consumer spending, buying 77% of all prescription drugs, 61% of over the counter medication and 80% of all leisure travel. When these people retire the economy may begin to slow.
I was born in 1946, and I understand the current plight of the Baby Boomers. I have lost and gained my investments twice in the stock crashes, and I am currently working on my third recovery. I do not want to have to rely on Social Security Retirement benefits. It is not enough to sustain me, and I am not sure it will be solvent and available to me.
A significant number of Baby Boomers face the prospects of bankruptcy. Many of us are one heart-beat away from bankruptcy. We still work, but any unexpected medical crisis may make that impossible. As for me, my current retirement includes paying off my house in four years, living on Social Security, a very modest retirement account, and working part time to supplement my retirement income. Any unexpected crisis and my wife and I may have to file for bankruptcy protection.
If you are a senior or Baby Boomer who is facing bankruptcy, you may need legal assistance from a bankruptcy lawyer. If you need relief from the stress of debt and you live in or around the metropolitan areas of Greensboro, Winston-Salem, or High Point, North Carolina, contact us at www.betterbankruptcy.com .We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.
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