Posted By: Sean Brown
In evidence of a worrying trend, American adults age 55 and over experienced the sharpest increase in bankruptcy filings of any age group since 1991, according to a recent study conducted for AARP’s Public Policy Institute.
While the bulk of bankruptcy filers are in their 30s and 40s, Americans age 55 or older have experienced the sharpest increase in bankruptcy filings, accounting for 22 percent of all those in bankruptcy proceedings in 2007. That number is up from only 8 percent in 1991.
A weak economy and increasing health care costs put older Americans at greater risk for bankruptcy. Health care expenses can be one of the biggest, if not the biggest, causes of bankruptcy among older Americans
While the bulk of bankruptcy filers are in their 30s and 40s, Americans age 55 or older have experienced the sharpest increase in bankruptcy filings, accounting for 22 percent of all those in bankruptcy proceedings in 2007. That number is up from only 8 percent in 1991.
A weak economy and increasing health care costs put older Americans at greater risk for bankruptcy. Health care expenses can be one of the biggest, if not the biggest, causes of bankruptcy among older Americans
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