Financial (and Bankruptcy) Considerations for Older Americans

Credit card debt, medical expenses and lowered home values all contribute to financial difficulties later in life.

2011-06-19

June 19, 2011 (Press-News.org) Financial (and Bankruptcy) Considerations for Older Americans

Bankruptcy filings for those over 65 have increased dramatically over the last several years, with a 178 percent increase from 1991 to 2007, according to an AARP study. Several underlying issues are factoring into older Americans' financial problems. Credit card debt, medical expenses and lowered home values all contribute to financial difficulties later in life.

Credit Card Debt Increasing

According to a recent study by John Pottow, a professor at the University of Michigan Law School, credit cards are one of the main reasons for bankruptcy among those over 65. In fact, about two-thirds self-reported credit card debt as the key reason for bankruptcy, as opposed to about 50 percent for those under 65.

Pottow speculates that a lack of sophistication regarding credit card company practices, coping with everyday expenses on a fixed budget and an unwillingness to ask for help from friends and family all contribute to rising credit card debt for retirees. Often creditors will harass those in debt with phone calls and letters in an attempt to get payments. Some retirees may wish to use Chapter 7 or Chapter 13 bankruptcy to get rid of credit card debt and end bullying creditors.

Medical Expenses

Unexpected medical expenses account for a large portion of bankruptcies. While many people on Medicare believe their health insurance worries are over, the truth is there are gaps in Medicare coverage. Out-of-pocket health care costs and potential nursing home expenses can greatly reduce the savings of those over 65. Planning ahead to cover gaps in Medicare with private insurance and obtaining long-term care insurance that helps to cover possible nursing home expenses can help cover costs. If you are already in debt from unexpected medical expenses, you can get rid of that debt through bankruptcy.

Keeping Your Home and Your Savings

Most often a person's greatest asset is his or her home. Going through Chapter 13 bankruptcy is often a good way of saving your home, even if you are behind on mortgage payments. Freeing up current debt can allow you to keep your home and a lifetime's worth of savings.

Only a discussion with an experienced bankruptcy attorney will allow you to decide whether bankruptcy is a good option for you.

Article provided by Terry D Fisher
Visit us at http://www.durham-bankruptcy.com

ELSE PRESS RELEASES FROM THIS DATE:

Ohio Supreme Court Clarifies Premises-Based Liability Insurance Exclusion

2011-06-19

Ohio Supreme Court Clarifies Premises-Based Liability Insurance Exclusion This year the Ohio Supreme Court decided for the first time to what degree a negligence claim must be connected to a premises in order to trigger a premises liability exclusion. A premises liability exclusion bars claims that occur on premises not listed in the policy. The Court held that the exclusion bars claims "arising out of" the property that are not identified in the policy as an insured location. Furthermore, it held that such an exclusion does not cover claims based only upon ...

To-Increase earns "Certified for Microsoft Dynamics" Distinction for Industrial Equipment Manufacturing for Microsoft Dynamics NAV

2011-06-19

VeTo-Increase is pleased to announce that its Industrial Equipment Manufacturing (IEM) solution, built on Microsoft Dynamics NAV and designed to meet the needs of a wide range of discrete manufacturers, is now Certified for Microsoft Dynamics, which signifies that the solution has met Microsoft Corp.'s highest standard for partner-developed software. By successfully meeting all certification requirements, IEM for Microsoft Dynamics NAV can now carry the distinct Certified for Microsoft Dynamics logo. Solutions that are Certified for Microsoft Dynamics have demonstrated ...

BP First Leads to Immediate Results for New Website

2011-06-19

BP Gas has successfully launched bpgas.co.uk - the first ever BP liquid petroleum gas (LPG) site to come off the global bp.com platform. Working with digital agency, Equator, the objective was to create a site that focuses on providing a great customer experience and makes BP Gas a key player across UK search engine results. Within only a few days of launch, the site already ranks within the top 10 for a number of key search terms, proving the breakaway to be a great success. This was achieved by building the site around the distinct LPG offerings provided by BP ...

Safe and Easy To Open H-Loc Trapped Blister

2011-06-19

Unyielding product packaging has sent about 6,000 American each year to emergency rooms with injuries caused by trying to open their purchases, according to the Consumer Product Safety Commission. It has incited such frustration that the industry has coined a term for it: "wrap rage" -- this is because of the product's thick and tightly sealed packaging. Luckily, Heritage Pioneer Corporate Group, a giant in providing sustainable packaging solutions has introduced their H-Loc Blister technology that combines eco-friendly innovation with cost-effective performance, ...

Edge Testing Practical Workshop - Getting under the bonnet of HP Quality Center 11.0

2011-06-19

Getting under the bonnet of HP Quality Center 11.0: A Practical Workshop investigating latest enhancements to Quality Centre and ALM 11.0 Edinburgh: Apex Waterloo Hotel, 27 Waterloo Place, Edinburgh EH1 3BH 30 June 2011, 8.00 - 10.30 am Glasgow: Radisson Hotel, 301 Argyle Street, Glasgow G2 8DL 6 July 2011, 8.00 - 10.30 am Following the HP Software Applications Road Show earlier this year, Edge Testing is running a free 'nuts and bolts' workshop looking at the practical implementation of Application Lifecycle Management (ALM) 11.0 as well as Quality Center ...

Splendid Father's Day ideas from Tuff-Luv

2011-06-19

Saddleback traditional men's brown leather Pull-N-Pay wallet - Brown GBP24.99. Keep your card at the ready with this rugged and stylish Pull-N-Pay Saddleback leather wallet from Tuff-Luv. With a simple pull of the tab, you have your favourite credit card at hand, so you're never caught fumbling through your wallet in the queue. Just pull it, pay, and be on your way! Made with genuine rugged-worn leather exterior, and a wealth of interior pockets. Faux leather tri-fold Commuter Wallet train ticket / bus pass wallet holder case - Brown GBP11.99. Transparent pass pouches, ...

Western European Game Market Estimated At EUR16 Billion ($23 billion)

2011-06-19

The latest forecasts from DFC Intelligence, Skrill Holdings and Live Gamer estimates the Western European market for games was 23 billion dollars (about EUR16 billion) in 2010. For the next five years, DFC expects this overall figure will not grow significantly. Instead, there will be a growing shift in distribution from the traditional physical model to digital sales. According to DFC, in 2010, digital distribution of games on the PC and console systems in Western Europe was $3.4 billion. This is expected to grow to $7 billion by 2016. Historically the European game ...

Assessment Business Center Launches Product Online Values Assessment

2011-06-19

Assessment Business Center, a renowned provider of comprehensive assessment systems, launches its new product the Online Values Assessment. This Values Index helps people understand their main motivators that drive them to utilize their talents in unique ways. It also helps people maximize their performance by enhancing their passion and alignment towards work. The main users of the Online Values Assessment system include corporate human resource clients, business and marketing consultants, academics and training and coaching professionals. The Online Values Assessment ...

A Few Weeks Left Before New EU Toy Directive Takes Effect

2011-06-19

This is a decisive year for all actors in the European toy industry supply chain. The main provisions of the new toy directive come into force on July 20, 2011, excluding the chemical requirements, which have a further transitional period of two years until July 20, 2013. SGS showcased its toy solutions (link to: http://www.hardlines.sgs.com/toys.htm) at international toy fairs taking place in Hong Kong, Nuremberg (Germany) and London (United Kingdom) in January and February 2011. SGS toy experts were available to explain in detail to EU toy manufacturers, retailers ...

Malaysia is First in Asia to Acquire World's Fastest Laser Vision Correction Platform

2011-06-19

For the past few months, Chan Wai Yin, 65, experienced severe blurred vision following her cataract operation as a result of residual astigmatism. After weighing several options, she decided on a corneal laser vision correction which came with a thorough examination and a series of tests before the surgery. Within two hours at the clinic, she was home to her normal chores and with a significantly improved eye condition. Madam Chan is one of the first patients in Asia to receive the WAVELIGHT Refractive Suite procedure at Ipoh's largest private ophthalmology practice, ...

Financial (and Bankruptcy) Considerations for Older Americans

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: