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Bankruptcy On The Rise Among Older Americans

On Behalf of | Nov 24, 2017 | Life After Bankruptcy

Regardless of how you identify politically, there’s a good chance that you and nearly everyone else in the country can agree on at least one thing: the cost of healthcare is currently very high. For many seniors, the costs of healthcare are gutting their retirements, leaving them with barely any resources once they pull through an injury or sickness.

In fact, the high costs of healthcare is motivating many seniors to consider bankruptcy. Medical expenses that pile up are the leading cause of bankruptcy for the elderly. There are now more elderly filling for bankruptcy than there have been in recent years.

Elderly individuals and couples regularly find that, even though they did what they could to prepare for old age, some unanticipated medical debt begins eating up all their resources. For people facing this situation, bankruptcy quite literally gives them their lives back.

Once elderly people clears themselves of medical debt, they may not only find it more feasible to stay on top of finances, but also experience significant emotional relief. The removal of the emotional and mental weight that such debt can hold over a person, especially in their old age, is an enormous relief.

If your medical debt threatens to turn your golden years into an extended nightmare, you may consider bankruptcy for some much needed relief. With professional help from an experienced attorney, you can reclaim your life and focus on the things that truly matter. After all, no one should spend their later years worrying about debt unnecessarily. There is far too much life to live to let medical debt decide how the golden years play out.