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 lawyer.