Filing bankruptcy is never an easy decision. Trying to rebuild afterward is difficult. For many years, younger people were more likely to file for bankruptcy in Indiana. It made more sense at a younger age to do so. This would allow you to get your finances back in shape and to build your life. However, according to Forbes, the new trend is for older adults to file for bankruptcy protection.
It is slightly puzzling since this departs from the traditional age groups who file. It is a little alarming as well because the reasons behind the new trend are unsettling.
There are many reasons leading to an older person deciding to file bankruptcy. Often, the case is that the person has a lower income, which makes it easier to fall into financial trouble. Many older Americans are having trouble with affording day to day life these days due to pension issues. This leaves them running out of money towards the end of their lives.
It is also partly an issue with medical costs. Just like everyone else, older individuals are spending more on medical care, and they cannot afford it. This is the age group that is most likely to need the most medical care and the more costly medical care. This allows the debt to pile up.
Many older people are simply unable to stay afloat. They are not getting payouts from their retirement accounts like they expected and medical care costs are through the roof. This just creates the perfect environment for them to be unable to keep up with their finances and have to resort to filing bankruptcy. This information is for education and is not legal advice.