More older individuals facing personal bankruptcy

Reaching retirement is often a time in life that many Connecticut residents look forward to, especially if that time is near. Hopefully, individuals have utilized retirement accounts to give themselves a nice nest egg to live on after they stop working. However, many older individuals appear to be struggling financially as of late, and numerous baby boomers are filing for personal bankruptcy.

A recent report indicated that over a period of 15 years, bankruptcy petitions for individuals 75 or older have more than tripled. Additionally, one out of every seven individuals who file for bankruptcy is at least 65 years old. The report also indicated that during that period from 1991 to 2016, the filings for parties in the 65 to 74-year-old age range increased over 200 percent. 

Despite the increase in bankruptcy numbers for the consumers of retirement age, they still do not make up a substantial amount of total bankruptcy filings. From 2013 to 2016, individuals over 65 years old made up only about 12 percent of total petitions. Of course, there is still concern over the increase of older individuals currently filing for bankruptcy.

It can be a frightening feeling to reach retirement age and realize that a person’s financial situation is completely off track. However, as this information shows, more and more retirees are facing such scenarios. If older Connecticut residents have found themselves struggling with their debt, they may want to consider personal bankruptcy themselves. Speaking with experienced attorneys could help interested parties find out reliable information regarding their options for getting back on financial track.