3 reasons why seniors are filing bankruptcy more often

When you think about bankruptcy, you may think of it as something you would consider when you were younger. Now that you are a senior citizen, you may be afraid to file bankruptcy in Louisiana. It might comfort you to know that you are not alone. According to NBC News, there is a surge in seniors filing bankruptcy 

Filing for relief is no longer just for the young. There is no shame in filing when you are older. The laws are in place to help you out when you need no matter what age you are. So, never be worried that you are too old. There are many reasons why seniors are filing more often. Here is a look at three of them.  

  1. Pension issues

You may rely on a pension in your older years, but many people are finding pensions are disappearing. Companies go out of business or change their agreements, and your pension is gone. This leaves you with far less income than you counted on. 

  1. The rising cost of healthcare

Health care costs are out of hand. It is a national crisis that lawmakers have been trying to solve for many years. Caught in this mess are older Americans who are finding it hard to make ends meet due to the many medical bills they have piling up. Assistance from Medicare only goes so far, and many seniors feel the strain of mounting medical care debt. 

  1. New debts

Today’s seniors have debts that other generations never dreamed of having. Just as student loan debt is crippling the younger generations, it is taking its toll on seniors, too. If you cosigned student loans for your children, they may be causing you financial woes now. 

Regardless of the reason why you need to file bankruptcy, know that you are not alone. Do what is right for your financial situation without worrying about what anyone may think.