Analysis by the Consumer Bankruptcy Project
shows a startling trend in bankruptcy: older Americans are filing for bankruptcy at higher rates than they were over 25 years ago. Older adults are not just filing for bankruptcy at a higher rate than they once were, they now also make up a greater share of all people filing for bankruptcy.
The total number of older Americans filing bankruptcy per year remains at 100,000 people according to reporting from the Times
. A shrinking social security net for older Americans was the main reason for this dramatic jump in filers. Most people filing for bankruptcy cited a combination of reasons, such as: being unable to manage medical expenses, holding debt from mortgages
and credit cards later in life, relying on a 401k rather than a pension to sustain retirement income, and helping adult children or older parents financially.