A Bankruptcy Law Firm in Panama City Beach, FL Explains Bankruptcy is on the Rise for Older Americans
The need to file for bankruptcy in Panama City Beach, FL can occur to anyone at any age. It does not discriminate based on marital status, age, occupation, or any other reason. There are specific people that may be more prone to having to file for bankruptcy, but there is no way to know for sure who will have to. Unfortunately, The New York Times has reported that the number of older Americans filing for bankruptcy is “booming”.
Older Americans are those that are over the age of 65, and the number of these individuals that have filed bankruptcy has tripled since 1991. The Consumer Bankruptcy Project provided a study that suggested that the reason behind this shift is because there has been a shift in financial risk over the past 30 years. The net of programs to keep those safe in retirement age has dwindled. There are much longer wait periods for social security, employers pension plans have been replaced with retirement savings accounts, and the amount of money that people have been saving has decreased.
The increase in bankruptcies have other factors that contribute to the rise such as the cost of healthcare and an income decrease. Additionally, senior citizens are more subject to health problems and end up paying more for healthcare. If their insurance does not cover the entire portion of a procedure or test, it is up to the person to pay for it and it typically is expensive. Secondly, incomes are declining overall. The cost of living is increasing daily and unless the person’s income increases also, things are more expensive, and less money is saved.
For more information on bankruptcy, make sure to contact Lewis and Jurnovoy, a bankruptcy law firm in Panama City Beach, FL.
Martin Lewis and Steven Jurnovoy joined as partners in 1998 to create the law firm of Lewis & Jurnovoy, P.A. The primary emphasis of the law firm is in the representation of individuals and sole proprietors in Chapter 13 Bankruptcy ("Debt Consolidation") and Chapter 7 Straight Bankruptcy.
Lewis & Jurnovoy, PA
1004 Jenks Avenue
Panama City, FL 32401
(850) 913-9110
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