More Older Americans are Filing for Bankruptcy

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.

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