People over 55 face an increasing likelihood to file for bankruptcy protection. A paper written by Robert Lawless, a law professor at the University of Illinois, and reported by MarketWatch, found a 66% increase from 1991 to 2016 for people between 55 and 64. Those 65 and over face an even greater risk as their likelihood has increased by 204% within the same timeframe.
Why Are People Over 55 Facing Bankruptcy?
The cause has been connected to increasing medical debt and falling behind on payments for healthcare. Typically, as people get older, mounting health issues will arise. As a result, they need more frequent visits to the doctor. They face the cost of prescriptions, and ongoing medical services as the needs arise.
In addition, many of these people face difficulty finding employment, or have cut back their work hours in anticipation for retirement. Less income means leaving themselves with a thin margin to afford bills.
Bankruptcy is a Debt Solution
Medical bills are covered under Bankruptcy laws and can be dischargeable debt, relieving the financial burden. Medical debt doesn’t only affect people over the age of 55. People with chronic illnesses or injuries often fall behind on medical payments, as well. This is especially true if these ailments cause inability to work.
If you feel that medical bills are becoming too great of a financial burden, think about speaking with an attorney on solutions to relieve yourself of debt.
Get Help from a Miami, Florida Medical Debt Bankruptcy Attorney
If you’re facing large and ever-growing medical debt, you need help navigating bankruptcy laws. At the Law Office of Michelle Labayen, LLC, you’ll get the best advice from Michelle’s 16 years of experience.
Get your debt issues solved so you can get a fresh start. Call Michelle now at (973) 622-1584, or contact her online.