Medical debt may lead older individuals to personal bankruptcy

Older people often find themselves facing various medical issues. Though anyone of any age could end up with medical needs, older Connecticut residents may be particularly susceptible to developing health problems that could lead to significant medical bills. Unfortunately, elderly individuals may also have a more difficult time paying these bills, but personal bankruptcy may be able to help.

Unpaid medical expenses make up the number one reason that individuals file for bankruptcy. With the high cost of treatments, it is not surprising that numerous people have trouble attending to the bills they end up with after seeking medical attention. It was recently reported that 8 percent of bankruptcy filers are parties aged 65 or older. It was noted that the economic recession may have played a role in debts having a more significant impact on older parties.

It was also mentioned that lack of financial knowledge could also contribute to money problems. Because wives often outlive their husbands, older women may not have the financial know-how to effectively address their debt issues if their husbands typically handled those affairs when they were alive. As a result, many older people may find themselves struggling.

When medical expenses or other debts become too much to handle, it can seem stressful to think about. Losing sleep and suffering other ill effects due to stress surrounding the situation is not unusual, but luckily, Connecticut residents could take steps to address their financial concerns. Interested parties may wish to gain more information on personal bankruptcy and determine whether taking such a step could be right for their circumstances.

Source: Forbes, “The Reasons More Older Americans Are Filing For Bankruptcy“, Tami Kamin Meyer, Nov. 16, 2017