Even though the senior population in the U.S. is increasing, the number of older Americans being forced to file bankruptcy is even higher, according to statistics. Recent data shows that over 12% of bankruptcies being filed in the U.S. are households being headed by seniors. The culprit seems to be the cutbacks in these seniors’ social safety nets, such as more out-of-pocket healthcare costs and a decrease in government assistance. Experts only expect these numbers to increase as by 2050, one-quarter of the U.S. population will be older than age 65, compared to only 15% currently.
Traffic ticket prices have skyrocketed in Chicago since Mayor Rahm Emmanuel agreed to spike citations from $120 to $200. Statements from the mayor say that the surge in traffic citation prices will bring $16 million much-needed dollars to the city of Chicago. However, the citations managed to only generate a few million dollars and forced thousands of already disadvantaged residents into filing for bankruptcy to cope with the debt.
When you are living with debt, the debt can easily become your “new normal.” Sometimes, an individual can live like this for years, not realizing that he or she can receive help with the debt through financial counseling, debt consolidation, or bankruptcy.
If one or more of the following apply to your life, you could be a good candidate for bankruptcy. Talk to an experienced bankruptcy lawyer to receive help and advice with that decision.
Your Debt is Growing Faster than You Can Pay it Down
If you are struggling with an intense level of personal debt, consider filing for bankruptcy. Individuals in this situation can file for Chapter 13 or Chapter 7 bankruptcy, depending on the chapter for which they qualify. Often, it is easier to qualify for Chapter 13 bankruptcy, but this is not always the case.
Consider Chapter 7 Bankruptcy