More Seniors Struggling With Debt

A staggering number of the aging population are battling debt.

2012-07-01

July 01, 2012 (Press-News.org) More Seniors Struggling With Debt

While Americans of all ages struggle through difficult economic times, senior citizens are among the most financially vulnerable. A staggering number of the aging population are battling debt. The financial burdens faced by many baby boomers as they retire are becoming apparent.

Economists, financial professionals and lawyers are seeing a significant increase in the number of seniors with debt problems. More households include at least one individual over age 50 with personal debt. Nearly 82 percent of individuals ages 55 to 64 carry personal debt. The average household debt in homes with individuals 55 and older is over $70,000.

Not surprisingly, more seniors are correspondingly filing for bankruptcy. Filing rates have increased for adults over age 65 faster than any other age group. The median age of individuals filing for bankruptcy rose from 36.5 in 1991 to 43 in 2007.

Why Are More Seniors in Debt?

Many factors are behind this alarming trend. Medical bills play a large role. As Americans age and health care costs keep increasing, more seniors and their families are simply unable to keep up. In addition, fewer employers are sponsoring health insurance for workers, leaving them responsible for a larger share of the costs of unexpected serious illnesses like cancer. Further, Americans must wait until age 65 to qualify for Medicare.

More Americans also carry home mortgage debt. Those who took on home mortgage loans during the years of easy credit are now faced with depressed home values. Many who used additional home equity to obtain second or third mortgages face financial catastrophe.

Credit card and student loan debt are also to blame. Older Americans have 50 percent more credit card debt than other age groups. For those age 65 and older, the average amount of debt now exceeds $10,000, a nearly 25 percent increase from just three years ago. Nearly 20 percent of student loan debt is owed by Americans over age 50. Finally, the financial crisis trashed many Americans' personal and retirement savings while greatly reducing the availability of jobs.

Bankruptcy Protection

Bankruptcy provides a lifeline for seniors to obtain relief from overwhelming debt. Both Chapter 7 and Chapter 13 bankruptcy protection can eliminate or reduce unsecured debt of the type faced by many over 65: credit card debt and medical bills. Chapter 7 bankruptcy may exempt retirement accounts from seizure and exclude Social Security benefits when considering qualification for Chapter 7. Chapter 7 bankruptcy also offers a homestead exemption, meaning that seniors can protect their home equity in certain situations.

Bankruptcy also immediately stops creditors from harassing debtors with collection notices and phone calls.

This is just an overview of some of the protections that bankruptcy can provide, depending on an aging individual's particular circumstances. Seniors struggling with debt should contact a bankruptcy attorney to discuss what legal or financial options are best for them.

Article provided by Nathan Erlich, P.C.
Visit us at http://www.erlichpc.com

ELSE PRESS RELEASES FROM THIS DATE:

Biography: A Woman Denied... The Early Years Now Available In Paperback From Amazon

2012-07-01

Throughout school and teenage life, Raymond went through every imaginable heartbreak as the unmistakable signs of womanhood began to emerge... and struggled alone to survive. A Woman Denied... The Early Years (amazon.com) is a biography of one beautiful woman named Raymond. Raymond was born in Pretoria. She spent a few years of her childhood in Soweto, Johannesburg. Her father, who was a stubborn traditionalist, had always wanted a boy. With two little girls in the house, he had reason to yearn for a little boy. When Raymond came, all wishes and hopes, and the pride ...

Hansons Windows Key Sponsor of "Stars and Stripes" Festival in Mount Clemens

2012-07-01

Hansons Windows will be a major supporter of this weekend's "Stars and Stripes" Festival, scheduled to take place in downtown Mount Clemens. The home improvement company will sponsor the Family Fun Zone and give away tickets to rides and passes to concerts throughout the weekend (June 29-July 1). The Festival, in its sixth year of celebrating Independence Day, draws over half a million people annually, something not lost on Hansons Windows founder and president Brian Elias. "Hansons is always looking to do something special for the community and create ...

CloudAccess Advocates Cloud-based Security on "The Cloudcast"

2012-07-01

Many articles have been written about the pros and cons of cloud security, however, CloudAccess CEO Kevin Nikkhoo articulated the overarching benefits of this changing paradigm during his guest appearance on the popular podcast program "The Cloudcast." The recorded podcast, titled "Evolving Security-As-A-Service" can be heard at http://www.thecloudcast.net/2012/06/cloudcast-eps45-evolving-security-as.html. The podcast is also available through iTunes, Stitcher and http://www.thecloudcast.net. Nikkhoo discussed the viability of security developed, ...

AmExpo Co-Locates with AmCon to Launch Canadian Event for Advanced Manufacturing Technology

2012-07-01

The Advanced Manufacturing Expo (AmExpo), Canada's exclusive manufacturing event dedicated to the Advanced Manufacturing sector, joins forces with AmCon Design & Contract Manufacturing Expo to provide a new, unique experience for Canadian manufacturers. AmExpo, produced by the Society of Manufacturing Engineers (SME) will take place September 25-26 at the International Centre in Mississuaga, Ontario. These co-located events create a unique opportunity for Canadian manufacturing professionals to gain valuable knowledge and insight on leveraging their current supply ...

iX Mixer Purchases Support Colorado Fire Relief Fund 2012

2012-07-01

Today, Colorado-based iX Mixer announced it will donate 50 cents for each can sold to the Colorado Fire Relief Fund 2012 starting today and continue through the end of July. "Colorado is our home, and we want to help our neighbors affected by these wildfires," said Jeff Somers, CEO and co-founder of iX Mixer. "The firefighters and individuals are our friends and families. We want to make sure that they are well cared for." Gov. John Hickenlooper announced the creation of the Colorado Fire Relief Fund 2012 earlier today. The funds will assists ...

Metro Health Hospital Metro Care Program Receives Award from MHA

2012-07-01

Metro Health Hospital's Metro Care program has received the 2012 Ludwig Community Benefit Award from the Michigan Health & Hospital Association, which includes $3,000 to help sustain this successful program. Metro Health is one of four winners of the 2012 award, which recognizes member organizations that have aided their communities in extraordinary ways. It is presented annually to health care organizations that demonstrate community benefit by improving the health and well being of their communities through health care, economic or social initiatives. The award ...

Life Line Screening Selected to Present Unique Research at The 25th World Congress of The International Union of Angiology

2012-07-01

Leading private healthcare company, Life Line Screening, has been invited to present its joint paper, with Imperial College London, on recent research into Abdominal Aortic Aneurysms (AAA) at the prestigious 25th World Congress of the International Union of Angiology (IUA) in July. The research highlights the need for a greater focus on screening, and the importance of private screening for those falling outside the selection threshold of the National Programme. With the full article due to be published soon, the research papers are based on data from 2,049 participants ...

"Fitness In The Village" Free Outdoor Zumba Class This Summer on Saturday, July 8th

2012-07-01

Urban Active Fitness hosts its very popular Zumba class for "Fitness In The Village" this summer on Saturday, July 8th from 10-11 AM. It will take place on the lawn beside the Urban Active facility at Legacy Village. The class is open to the public for all ages and skill levels to help the community get healthy and gain the benefits of working out outdoors! According to the Huffington Post, a 2011 study found that outdoor exercise was associated with greater decreases in tension, confusion, anger and depression when compared to indoor activity. And a 2010 study ...

Fierce Comics Now Available For Android Devices Via Comics Plus App

2012-07-01

Fierce Comics today announced the expansion of its digital market coverage to include devices that run on the Android operating system. The expansion goes beyond the company's previous market, which included devices running iOS such as the iPhone, iPod Touch, and iPad. The expansion covers Fierce Comics' current titles, including Redneck Red, The Maniacal Smile, and Midwalker and will include additional titles as released. "We're very excited about this expansion. It brings Fierce Comics' books to a market that consists of millions of Android devices around the ...

Techno E-Book Simplifies Christianity For Mobile Readers

2012-07-01

Christianity for the Average Joe explains the main Christian concepts in a conversational language that is easy to understand. It's written by Chip Tudor who is a professional copywriter and a pastor at Fairhaven Church in Dayton, Ohio. "My goal was to make Christian beliefs simple to grasp for those well acquainted with technology, but not so familiar with Christianity," says Tudor. "So I tried to make it informative, fun to read, and in a form that's compatible with mobile devices." The E-book's non-threatening approach appeals to inquisitive ...

More Seniors Struggling With Debt

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: