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Giving You Hope For a Debt-Free Future

SOUTH CAROLINA
BANKRUPTCY ATTORNEY

More seniors seeking debt relief through bankruptcy

No matter one's age, debt problems can affect anyone. However, for some debt relief can seem hard to obtain. Seniors in South Carolina and across the country are finding themselves buried under debt and perhaps feeling hopeless about stopping it. Some seniors, unable to keep up with their bills any longer, turn to bankruptcy as a debt relief solution.

One 81-year-old man found himself swamped with medical bills left from his wife's care. She suffered from dementia and a heart condition and has since passed away. His money was going to pay for necessary medications, nursing homes and hospitals. Also, he was laid off from his security guard position, forcing him to file for bankruptcy because of his inability to keep up with his increasing debt. His bankruptcy filing showed he had amassed over $42,000 in debt, most of which were medical bills.

From the years of 1992 to 2007, the number of seniors aged in their mid-50's with debt increased over 10 percent -- with 63 percent now carrying housing and consumer debt. The numbers get worse for those between the ages of 55 to 64 years, with 81.7 percent of those seniors carrying debt. During the same years, the average debt for these people increased substantially to $70,370. Healthcare bills appear to be a major factor in the ever-increasing debt load for these seniors.

Bankruptcy as a means of debt relief for those in South Carolina and elsewhere has risen over the years. A recent study shows that senior citizens ages 65 and older are now the "fastest growing age group" among those who file for the protection bankruptcy can give. Bankruptcy can help give these seniors a fresh financial start and peace of mind while living out their golden years closer to the way in which they had hoped. For someone that age to be freed from mountainous debt and able to live their lives in peace is indeed a great gift.

Source: The Hartford Guardian, "Seniors Grow Old Under Debt," Hanah Cho, May 29, 2012

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
Columbia Law Office Map

Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
Florence Law Office Map

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