Aug 07, 2018
Why are people doing the same thing over and over and expecting a different result? Do they NOT know the definition of Insanity?
Did you hear the recent news? Baby Boomers are filing for Bankruptcy at an alarming rate.
Older Americans have a higher presence in the U.S. bankruptcy system than ever before, according to a new report. The rate at which Americans ages 65 and older are filing for bankruptcy has increased two-fold since 2013, the study by the Consumer Bankruptcy Project found.
Meanwhile, there has been a nearly 500% increase in the number of older Americans in the bankruptcy system, the study – first reported by The New York Times – showed. While more than 12% of filers are now seniors, just 2.1% were in 1991. The average senior files for bankruptcy more than $17,390 in the red.
While baby boomers are retiring in bulk, that isn’t enough to explain the dramatic rise in bankruptcies, the...