Even at age 80, some may feel bankruptcy is the only answer. Ada Noda found she was no longer was able to work as bills continued to grow.
Statistics are showing that Bankrupty filing by those under 55 has decreased.
But senior bankruptcy filing is on the rise.
A study conducted by the Consumer Bankruptcy Project looked at a sample of filings between 1991 and 2007.The results showed that there were twice the amount of people 65 and older that filed and in the age group of 75+ the numbers quadrupled.
Experts say that seniors are hit by two big issues. They are unable to work and have an increase in medical bills.
Noda was very diligent about her bills. Born during the Depression, she made sure she always paid her bills no matter what. She cut corners when she needed to including some times not eating.
But like many seniors, she had to undergo double-bypass surgery and with those bills and others, she found herself in debt of about 8k.
She lost her car. Her house is owned by her daughter so that was safe. But with compiling expenses and a little income, she declared needed debt relief and filed bankruptcy.
Many seniors do not share the fact they have filed bankruptcy to their families. They feel that they may be perceived as unable to take care of themselves and thus be put in nursing homes. AP/CNN
If you are in a difficult financial situation, contact Arizona debt relief Attorney Phillips and Associates. We can discuss whether or not bankruptcy is the right option for you.
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