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Why Is The Face Of Bankruptcy Getting Grayer?

It's quite possible that no generation of Americans has received as much attention as the "Baby Boomers". Each decade continues to bring new milestones for the boomers, along with stories about how the generation's large size is affecting everything from the real estate market to the sustainability of our nation's social insurance programs. 

The most recent headline for this generation isn't a positive one at all: bankruptcy is rising among older Americans

Why? 

Unfortunately, the increased number of bankruptcies involving baby boomers and their elders cannot be written off by pointing to the nation's financial climate, as could be done in the aftermath of the 2008 financial crash. In fact, overall bankruptcy filings fell to 789,000 in 2017, representing the second lowest total since 1990 according to The Economist

Some sources, such as Jacobin, point to the issue as just a symptom of underlying issues that have been threatening the financial wellbeing of boomers for decades: slow or no growth of wages, cuts to social programs, and increased cost of living. 

People tend to view issues such as the causes of bankruptcy through a lens forged by their own viewpoints, experiences, and political leanings. While interpretation of what the graying of bankruptcy means may vary, one thing remains clear: if you are struggling with debt, bankruptcy may be a viable option for obtaining a fresh start. 

With the help of Chapter 7 or Chapter 13 bankruptcy, it is never too late for you to get your financial house in order so you can better enjoy your golden years. 

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Sigmon & Henderson, PLLC
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Gastonia, NC 28054

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