Chapter 7 filings increasing in over 65 age group

On Behalf of | Sep 13, 2018 | Chapter 7 |

Many South Carolina residents are nearing age 65 or have already celebrated that age-of-retirement birthday. While many older people have a lot in common, such as being grandparents or having certain health issues, there appears to be another area where many elders are experiencing similar situations. It has to do with finances and Chapter 7 bankruptcy.

In a perfect world, the rest of this post would be about how South Carolinians retire at age 65 then head off to fulfill their golden year dreams, like traveling, spending time on their hobbies or investing in beachfront properties where they can live out their days seek whatever pleasantries suit them. Since this is not a perfect world, the reality is often much different. In fact, the financial issue that many seniors reportedly have in common these days is bankruptcy.

The typical senior filing for bankruptcy is more than $17, 000 in debt. Senior citizens filing for Chapter 7 bankruptcy has increased at least five-fold in recent years. The rate at which those age 65 and older are filing for bankruptcy has doubled.

One woman in her late 60s was living off her Social Security benefits. She determined the need to consider bankruptcy when she had trouble keeping up with medical expenses and even keeping food on her table. Her story is far from out of the ordinary, however, as many of her peers throughout the nation are also facing financial instability that they deem impossible to overcome without seeking immediate debt relief.

Chapter 7 bankruptcy allows seniors or any adult to wipe the slate clean and start over to build stronger financial futures. Many people have preconceived notions about bankruptcy, which causes them to hesitate seeking this type of support. Others have learned that bankruptcy can be a viable option when expenses get so far ahead of the means that there’s no foreseeable way to pay back debt. An experienced South Carolina bankruptcy law attorney can explain the process and can provide support, especially regarding creditor harassment.

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