Why are so many Americans over 65 declaring bankruptcy?
*基辛格: 無用食客😢
*Kissinger: Useless eaters😢
Recent study calls it a “coming storm of broke elderly”
The definition of bankruptcy is given as “legal status of a person or other entity that cannot repay debts to creditors.” In most parts of the U.S., bankruptcy is imposed by the court after a petition by the creditors. All over the country, thousands of people file for bankruptcy daily as a last resort after failing to live up to the financial burdens imposed upon them.
But a worrisome trend that has been highlighted closer to home is the fact that a more significant number of older American citizens are beginning to file for bankruptcy at a rate that is more than double what it was 25 years ago. This trend was highlighted by a study that was published by the Social Science Research Network.
The research
Referred to as a “coming storm of broke elderly,” the study was able to identify that the rate of citizens over the age of 65 who are now filing for bankruptcy increased about 204% from 1991 to 2016. The study also pointed out that the number of older citizens among the total number of all individuals who filed for bankruptcy increased five times within the same 25-year period.
Now social scientists are studying the data pulled from the Consumer Bankruptcy Project, and so far, they have been able to discover that this increased trend of bankrupt seniors is caused in part by the extremely high health care costs, in addition to the lower incomes they receive and the nationwide decline in pension fees.
One of the authors behind the study is Deborah Thorne, a researcher from Idaho that said “it is not an individual’s fault” when they have to file for bankruptcy mentioning the issues with the current retirement systems and Medicare.
https://blog.credit.com/2018/10/bankruptcy-rate-has-doubled-for-seniors-187765/
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