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Older Americans face financial challenges

Tennessee residents understand that incurring debt is not always easy. For many people, credit card debt is where a lot of problems can exist. Even the most financially savvy and economically cautious consumer can become victim to these high interest loans and the spiral that has taken so many consumers into bankruptcy. Bankruptcy can be especially difficult for older individuals.

Bankruptcy is becoming an increasingly common problem for older Americans, in particular those over the age of 60. According to the AARP, the number of Americans over 60 and in debt is alarmingly high. In fact, a recent report issued by the AARP's Public Policy Institute showed that Americans over 50 carry substantially more credit card debt than those under 50. The main factor contributing to the large rise in credit card debt is medical expenses.

Similar to credit card debt, medical expenses are often cited as one of the leading causes of bankruptcy in the U.S. Unlike credit cards, however, medical expenses are not typically associated with excessive interest rates. Older Americans are forced to resort to credit cards to pay their medical bills. The result is an exponentially complex financial problem that almost guarantees economic failure.

The solution for some individuals will be filing for bankruptcy. Individuals have the option for filing for chapter 7 or chapter 13 bankruptcy. Chapter 7 bankruptcy can clear debt within a six month period. Chapter 13 bankruptcy involves the individual making a re-payment plan over a specific period of time.

No matter what the reason for an individual's debt or what their birth year happens to be, there is hope. Bankruptcy attorneys are available to assist Tennessee residents with their debt issues and help them make the best decision given the particular circumstances.

Source: New York Times, "For Older Americans, a Deepening Debt Problem," Carmen Wong Ulrich, March 25, 2013

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
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