The baby boomer generation is slowly growing toward retirement and many are finding that the debts they’ve accumulated in recent years are putting more and more pressure on them. Most baby boomers were brought up in a prosperous time in our country but the recent economic recession coupled with newfound needs for prescription medication have led to a spike in bankruptcy filings from baby boomers.
A recent study shows that baby boomers--or Americans age 55 and up--are filing bankruptcy at a quicker rate than the rest of the population. This can be attributed to several factors:
• Mortgage. Unemployment has left many hard working baby boomers jobless and unable to make mortgage payments on time. The threat of foreclosure leads many to filing bankruptcy because it triggers an automatic stay which protects their home from foreclosure.
• Medical costs. There is no question that as we grow older we acquire a greater need for prescription medication. Baby boomers are finding this out as well as that even with healthcare coverage, some medical expenses require the use of credit which can add up and lead to substantial debt.
Don’t Be Afraid of Bankruptcy
In general, baby boomers make up a generation of hard working and prideful people. Many will scowl at the notion of having to file bankruptcy but those who do that probably don’t realize that bankruptcy is not necessarily a bad thing. When handled properly it can provide the opportunity for a fresh start free of the strains of financial debt. Whether you’re a baby boomer, senior citizen, or somewhere in between; do not let your debts control your life. Talk to a bankruptcy attorney today about your situation and find out if bankruptcy is for you.
