Drastic Rise In Older Americans Filing For Bankruptcy

Ellis Cannon: “It is terrifying”

The Mike Pintek Show
August 07, 2018 - 3:01 pm
Older Person Stressed

© Elliot Burlingham | Dreamstime.com

According to an article in the New York Times, people 65 and older are filing for bankruptcy three times more than they did in 1991. 12.2 percent of filers are 65 and older which is up from 2.1 percent in 1991.

That’s a huge jump.

Ellis Cannon filling in for Mike Pintek said, “I know there are a lot of folks out there in the listening audience that have this concern.  This isn’t something that just started, this is been going on for three decades. “

“What I want to know is, is this a problem for you or someone that you know?  How did this problem arise for you?”

One listener said, “I am in the process of filing for bankruptcy, it became a matter of survival.  I am only 50 years-old, I have two master’s degrees in education, a stable job and I also have a disability and I don’t trust that social security is going to be there if I have to go on disability in the next however many years.  Or if I ever get to retire, I don’t trust that social security is going to be there.”

“I have over 80 thousand dollars in student loans that I am trying to juggle and I can’t afford to lose my house and I am a single income person, I don’t have anyone to help me.  So I thought long and hard and filing was the best bet for me in the long run.  I had to think about my future.”

Cannon added, “A lot of people simply don’t want to approach this topic or otherwise are not realistic and think a better day is coming, but if you aren’t careful that day may not come and you’ll end up working yourself out of a really bad hole.”

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