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Percentage of seniors filing for bankruptcy on the rise

Several recent bankruptcy studies have concluded that the percentage of seniors seeking bankruptcy protection is on the rise.

For instance, one study says that in 2006, seniors accounted for 7.8 percent of the nation’s total bankruptcy filings.  In 2009, the number of seniors filing for bankruptcy increased to 8.3 percent of the total amount of bankruptcies filed in the U.S.

Experts in bankruptcy say that the demographic of people age 65 and older is the fast growing demographic choosing bankruptcy.  One study notes, “While health issues and medical debts are also contributing to bankruptcy filings by the elderly, credit card debt among the elderly has also risen, with a median of $22,562 being owed to credit card companies among filers 65 years and older.”

Contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 today, if your or someone you love is seeking experienced legal representation to assist them in filing for bankruptcy.

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