Why are More Senior Citizens Filing for Bankruptcy in Raleigh, NC?

GET HELP TODAY

    In the past, people used to look forward to retirement, as this usually means they can finally enjoy the fruits of their lifelong labor. However, this isn’t the usual case today, as more and more seniors dread reaching the age of 66.

    According to USA Today, 97 percent of people over the age of 65 can’t write a check for $600 due to lack of funds. This may seem surprising considering that seniors have had all their lives to save, but conditions today are not like what they used to, and today’s seniors, Raleigh, NC residents included, face several different issues that contribute to their financial struggles.

    Healthcare issues

    While Medicare exists for seniors, plans often have a limited scope and don’t cover all expenses. Prescriptions and treatment are costlier than before, and insurance companies often won’t sell policies to people of advanced age. Healthcare spending is a major obstacle to today’s senior citizens, especially when they suffer from a serious illness.

    senior citizens filing bankruptcy

    Unguaranteed pensions

    Jobs used to come standard with pensions, but this is no longer true today. Companies that offer pension plans are dwindling, and even those that offer them provide benefits that are too meager to cover even basic living expenses.

    Credit card debt

    Senior citizens who have no pension and are short on funds feel compelled to use credit cards to maintain their way of life. When they can’t pay off those credit cards, they find themselves deep in debt. Out of all the senior citizens who file for bankruptcy, two-thirds cite credit card debt as one of, if not the main, reason for their financial malady.

    Senior scams

    Plenty of scams today prey on seniors, especially those who aren’t used to keeping themselves secured online. Many seniors have been tricked into giving their passwords or bank information, eventually falling victim to scams that put them in financial jeopardy.

    Advice for seniors

    If you have reached retirement age and are in dire financial straits, know that bankruptcy may be an option. Talk to a Raleigh bankruptcy lawyer who can discuss with you other possible solutions, such as debt consolidation and debt relief. Your bankruptcy attorney provide a free financial analysis to help ensure you get the best bankruptcy strategy for your needs.

    Sources:

    A Guide to Senior Citizens and Bankruptcy: When to Do it and When Not To, ECheck.org

    9 dumbest retirement moves, Bankrate.com

    Use our online contact form, or call us at 919-845-7877 for more information, or for a FREE consultation