Bankruptcy and the Elderly

With over a million people filing for debt each year, it should come as no surprise to learn that a large percentage of those people are over 65 years old. The elderly are facing serious financial hardships due to increased costs of living, inadequate retirement funds, and the high cost of medical care. Sadly, a recent study conducted by AARP shows that 14% of all 64 year olds are facing retirement with a negative net worth.

If you or someone you know is experiencing economic troubles, you may want to consider filing for bankruptcy. Consult a West Palm Beach bankruptcy attorney at the law office of Eric N. Klein & Associates, P.A. for a free consultation to discuss the details of your situation. Get on the path toward financial security; call us today at 561-353-2800.

Causes for Bankruptcy

The elderly are facing financial hardships following retirement for a number of reasons. In many cases, they still have unpaid debts, such as on a car or home. So long as one person in the house is working, they may be able to make payments; however, in the event that they must retire, or are injured and unable to resume working, they may become unable to pay.

Additional reasons for bankruptcy include the high cost of medical care. Many elderly patients do not qualify for Medicare or Medicaid, which disqualifies them from federal assistance. With the increased risk of health complications, many are unable to find adequate health insurance policies, as well. These complications can force elderly people to pay out of pocket for the doctors visits and prescriptions, the cost of which can add up quickly.

Contact Us

If you are approaching a financial meltdown, the West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates, P.A. can help. Contact 561-353-2800 today to speak with a qualified attorney about your legal options.