Law Office of Allan E. Dunaway, PLC

Older Americans filing for bankruptcies in alarming numbers

Seniors throughout Kentucky and the rest of the U.S. are filing for bankruptcies in alarming numbers, according to a recent report. After studying data gathered by the Consumer Bankruptcy Project, a group of academics discovered that the number of Chapter 7 and Chapter 13 personal bankruptcy petitions filed by Americans aged 75 or older had tripled since 1991. In addition, filings by Americans between the ages of 65 and 74 had more than doubled. The results of the study were published on Aug. 5 by the Social Science Research Network.

These figures mean that the percentage of bankruptcy filings made by older Americans has increased by almost 480 percent in less than 30 years, and the percentage of Chapter 7 or Chapter 13 petitions filed by Americans over the age of 75 has risen by a worrying 1,000 percent. According to analysts, the rise in these "gray" bankruptcies is largely due to changes in Social Security eligibility, the decline in traditional pensions and the increase in popularity of 401(k) savings accounts.

The data reveals that the soaring costs of health care are also a factor. The researchers found that medical bills were a catalyst in more than 62 percent of the bankruptcies filed by older Americans. Health care expenses were the primary reason for pursuing debt relief 40 percent of the time. These trends are worrying experts because health care costs are expected to continue rising in the years ahead and one in four Americans will be 65 years of age old or older by 2050.

An attorney with experience in Chapter 13 and Chapter 7 bankruptcy cases may be able to help someone who is struggling with overwhelming bills pursue debt relief options. Filing for personal bankruptcy could open the door to a fresh start.

No Comments

Leave a comment
Comment Information
Contact the Firm

Get Sound Advice In A Free Consultation

For sound bankruptcy advice you can count on, from a skilled lawyer who truly cares about your future, contact the Louisville Law Office of Allan E. Dunaway, PLC. We have two convenient locations: Louisville, Kentucky, and Jeffersonville, Indiana. Our main office in Louisville is located off the beaten path so you won't have to deal with downtown traffic and can pull right up to our door and walk right in.

Call us at 502-785-1005, or send an email message. Our law firm welcomes the opportunity to serve you in any way we can.

If for some reason personal bankruptcy is not for you, if you do not qualify for the Chapter 7 approach via the "means test" and Chapter 13 reorganization is not the answer, Allan E. Dunaway works hard to inform you of other appropriate means of debt settlement that suits your unique needs.

Bold labels are required.

Contact Information

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.


Privacy Policy

Kentucky Office

Indiana Office

714 Lyndon Lane
Suite 4
Louisville, KY 40222

Phone: 502-785-1005
Fax: 502-412-2258
Louisville Law Office Map

530 East Court Avenue
Jeffersonville, IN 47130

Phone: 502-785-1005
Fax: 502-412-2258
Jeffersonville Law Office Map