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Bankruptcy Fears of Our Aging Population

Ian C. Langtree - Writer/Editor for Disabled World (DW)
Published: 2011/02/05 - Updated: 2025/02/20
Publication Type: Informative
Category Topic: Loans and Grants - Publications List

Page Content: Synopsis - Introduction - Main - Insights, Updates

Synopsis: This article discusses the alarming increase in bankruptcy filings among seniors, revealing that individuals over 65, previously the least likely to file for bankruptcy, have seen a significant rise in financial distress, primarily due to overwhelming credit card debt and various socioeconomic factors. The piece highlights the vulnerabilities seniors face, including health issues, financial abuse, and inadequate savings against rising living costs. It emphasizes the importance of seeking legal advice when considering bankruptcy as a potential solution to regain financial stability. This information is particularly relevant for seniors and individuals with disabilities who may encounter similar challenges in managing their financial well-being - Disabled World (DW).

Introduction

The past few years have seen a sharp uptick in bankruptcy filings across age, economic and cultural lines. Surprisingly, however, the biggest spike comes from people over the age of 65, a demographic that previously had one of the lowest levels of bankruptcy filings. Demos, a New York City-based public policy advocacy and research group, shows that there has been a 26% increase in the past five years alone.

Main Content

A landmark 2010 study performed by the University of Michigan Law School demonstrates the huge rise in elder bankruptcy filings as well as another surprise: the average senior citizen seeking bankruptcy protection has nearly $23,000 in credit card debt.

Why Such a Big Jump in Filings Among the Elderly?

Study author John Pottow states that the "dominant force" in the elder bankruptcy epidemic is indeed overwhelming credit card debt, but that many other issues have contributed, including:

Another all-too-common financial challenge facing America's senior population is that of financial abuse by loved ones and guardians.

Countless Americans have seen their assets depleted not by investments or medical conditions but by the theft and fraud of those they trusted to protect their best interests. MetLife's Mature Market Institute estimates that nearly $3 billion in money, property, real estate and other assets are stolen away from the elderly annually.

Regardless of why you or an elderly loved one are having financial difficulties, bankruptcy might be a viable option to help get you the debt relief you need. When you are considering filing for bankruptcy protection, you need to seek the advice of a skilled attorney in your area to learn more about your rights under the law and about the debt management options that best fit your unique financial situation.

Insights, Analysis, and Developments

Editorial Note:

In conclusion, as the financial landscape becomes more complex for seniors, it is crucial to foster awareness and support systems that can help navigate these challenges. Addressing the issues surrounding bankruptcy and financial distress not only benefits individuals but also strengthens the community as a whole, ensuring that our aging population is treated with the respect and assistance they deserve

- Disabled World (DW).

Author Credentials: Ian is an Australian-born writer, editor, and advocate who currently resides in Montreal, Canada. He is the founder and Editor-in-Chief of Disabled World, a leading resource for news and information on disability issues. With a global perspective shaped by years of travel and lived experience, Ian is a committed proponent of the Social Model of Disability-a transformative framework developed by disabled activists in the 1970s that emphasizes dismantling societal barriers rather than focusing solely on individual impairments. His work reflects a deep commitment to disability rights, accessibility, and social inclusion. To learn more about Ian's background, expertise, and accomplishments, visit his full biography.

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Citing and References

Founded in 2004, Disabled World (DW) is a leading resource on disabilities, assistive technologies, and accessibility, supporting the disability community. Learn more on our About Us page.

Cite This Page: Disabled World. (2011, February 5 - Last revised: 2025, February 20). Bankruptcy Fears of Our Aging Population. Disabled World (DW). Retrieved July 12, 2025 from www.disabled-world.com/disability/finance/bankruptcy-seniors.php

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