All bankruptcy attorneys are not created equal. Schedule A Free Case Evaluation
Nowack & Olson, PLLC
Let’s do this together.
Speak with one of our professionals.
888-813-4737

Baby boomers shouldering more and more bad debt

Bankruptcy can happen to anyone. Regardless of your age or financial standing, a sudden injury or illness can quickly deplete hard-earned resources.

Often referred to as a fresh start, a Chapter 7 or Chapter 13 filing represents a financial "do-over" for those feeling the crushing weight of money problems beyond their control.

Baby boomers are not immune to the "ends" not meeting. Increases in bankruptcy filings are skewing to the country's older population. According to US News and World Report, the New York Federal Reserve cites debt for those 67 and older increasing by a staggering 169 percent.

The study shows that as people get older, they are more likely to take on additional debt often thought of as bad debt. A large portion of that bad debt involves high-interest credit cards that might be used to purchase non-essential things such as vacations.

One accident or health crisis can create both personal and financial chaos for baby boomers. The bill comes due and they find themselves unable to pay back balances because they lack the assets needed to cover expenses.

Regardless of your age, you want to focus your resources on your home, retirement planning and other future needs. Preparing for your twilight years should not involve planning for bankruptcy. However, a Chapter 7 or Chapter 13 filing can give you the relief you need so you can enjoy your remaining years.

Should you find yourself dealing with harassing creditors threatening lawsuits and other aggressive collection actions, take action and contact an experienced bankruptcy attorney.

No Comments

Leave a comment
Comment Information

We take your situation as seriously as you do.

Start with a Free Case Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

What Our Clients Say:

Back
  • "Maria please let Attorney Olson know how pleased I am with the results of my home loan modification with Bank of America. I am so grateful for all of their hard work, especially since my house was a gift from my parents, I prayed not to lose it to foreclosure....."

    Cassandra M.
  • "We received last Friday our bankruptcy discharged letter for the trustee.
    We want to thank you very much for your services in our bankruptcy file.
    We are very pleased and happy with your service, you are so professional, courteous, organized and fast.

    We will recommend you every time we can.
    God Bless You!"

    Yazmin & Ricardo D.
  • "MY EXPERIENCE WITH MITCH AND CHRIS AND U WERE JUST A GREAT EXPERIENCE I WANTED TO GIVE UP PRIOR TO U GUYS.. DON'T WANT TO FORGET ABOUT LEO, HE'S ALSO GREAT PERSON..COMMUNICATE REALLY GREAT WITH ME,,ACTUALLY ALL OF U ....I CAN EMAIL OR CALL .U ALL ALWAYS REPLY TO ME....."

    Tonya C.
  • "I was very pleased with work of Nowack & Olson, and way you guide me through all process of bankruptcy and loan modification. I received good care and was informed on every step of it. Thank You very much. You save my life!"

    Kasia D.
  • "Just wanted to thank you again for helping my wife and family through a tough time. We are finally starting to get back on our feet and building back our nest egg. We have stabilized our income again, and see the light at the end of the tunnel. I remember one of your tag lines was helping good people through bad times... That always rang true with us....."

    Peter R.
  • "After a rather distasteful experience with a Foreclosure Attorney I was apprehensive to say the least to hire an Attorney to handle our Bankruptcy. After some internet searches and research I found Christian Olsen, and after our initial consultation my wife and I retained his services....."

    Bobby and Tanya
  • "I am a teacher who reaped the rewards of a profitable side business until shortly after the recession. I struggled to keep my business afloat until I finally threw in the towel. Between personal and business debt, I was suffocating in bills....."

    Richard C.
Read More Testimonials

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.