Bankruptcy Indiana

“In today’s economic climate, it comes as no surprise that millions of Americans are facing unprecedented financial challenges.  One group, however, has been hit especially hard: seniors,” Elizabeth Brennon points out in News Junky Journal, adding that many retired Americans are seeking relief in bankruptcy court.

All the good bankruptcy attorneys who work in the Zuckerberg bankruptcy law offices have been reading the statistics about the number of older Americans filing bankruptcy.  Truth is, we don’t need to read about these numbers – we’re seeing them every day in our offices, and the Anderson, Bloomington, Indianapolis and Columbus bankruptcy lawyers are all experiencing those statistics first hand.

One AARP statistic, though, startled even us: The rate of bankruptcy filings for Americans between the ages of 74 and 84 jumped 433% from 1991 to 2007! 

Coming up on 25 years as a debt consolidation lawyer offering bankruptcy help in Indiana, I
Agree with Debb Thorne of creditslips.com that medical expenses play a large role in the financial problems of seniors. Sometimes parents go into debt to help adult children who’ve been hit with major hospital bills. 

Of course, rising costs of food and gasoline play a part in the problem as well. But to tell the truth, what upsets me most is seeing older Hoosiers fall victim to scams and predatory credit card offers.  It’s not uncommon for my colleagues and I to see senior citizens coming to us for help to stop foreclosure, and, more startling, for payday loan debt help. One eldercare lawyer in New York quotes data from the Elder Law Journal showing that those over 65 account for 7% of all bankruptcy filings in the country!

What I have personally found in talking with older clients considering filing personal bankruptcy in Indiana is that they have believed in a bankruptcy myth.  That myth is simply that filing bankruptcy is a sign you don’t handle finances responsibly. The fact is, most people file for bankruptcy because of circumstances beyond their control.

There is no upper age limit for bankruptcy.  For the past twenty five years, I’ve been able to offer that reassurance: the bankruptcy safety net is there whenever in life it’s needed!