Thursday, June 19, 2008

Bankruptcies among seniors climb

From 1991 to 2007, the rate of personal bankruptcy filings among those ages 65 or older jumped by 150%, according to AARP, which will release the new research from the Consumer Bankruptcy Project. The most startling rise occurred among those ages 75 to 84, whose rate soared 433%.   The study did not address the specific reasons behind the trend. But experts say medical bills have played a major role in the debt that has forced many elderly Americans into bankruptcy proceedings.  Health care is a big issue for the elderly," says George Gaberlavage, director of consumer and state affairs at the AARP Public Policy Institute. "And out-of-pocket expenses have been going up."

Read more in USA Today.

Here's the full article: http://assets.aarp.org/rgcenter/consume/2008_11_debt.pdf

Note:  the website of the Consumer Bankruptcy Project is password protected.  What's up with that? 

Follow up:  I learned from Prof. Robert Lawless (Univ. of Ill.) that the CBP doesn't really have a website per se--the password protected area login isn't supposed to show up online at all.  The site is only for researchers who are authorized to enter and presumably access date.  Thank you Prof. Lawless for the information.

http://lawprofessors.typepad.com/elder_law/2008/06/bankruptcies-am.html

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