More Older Americans are Filing for Bankruptcy
The number of older Americans who are bankrupt has never been higher, according to a new study.
A report published in the journal SSRN found a more than two-fold increase in the rate at which older Americans file for bankruptcy and a nearly five-fold increase in the percentage of older people in the U.S. bankruptcy system.
Americans 65 years of age and older are filing for bankruptcy at a high rate because they are struggling with increased financial risks, mostly inadequate income and expensive healthcare costs. According to the study, the bankruptcy trend will continue.