senior citizens

Senior Bankruptcy on the Rise

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.
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com