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Why Americans Over 65 Are Declaring Bankruptcy

Baby Boomers are filing bankruptcy in record numbers.

“The definition of bankruptcy is given as “legal status of a person or other entity that cannot repay debts to creditors.” In most parts of the U.S., bankruptcy is imposed by the court after a petition by the creditors. All over the country, thousands of people file for bankruptcy daily as a last resort after failing to live up to the financial burdens imposed upon them.

But a worrisome trend that has been highlighted closer to home is the fact that a more significant number of older American citizens are beginning to file for bankruptcy at a rate that is more than double what it was 25 years ago. This trend was highlighted by a study that was published by the Social Science Research Network.” Read more…

 

Sources:
Market Watch

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