According to a new study, Americans as a whole are living with more debt later in life than they have in the past, and more older Americans are filing for bankruptcy today than in previous years. For many Americans aged 65 and older, the future has changed dramatically. As of 2007, three out of five families with a head of household aged 65 or older had no money in retirement savings accounts, and half of those with savings had less than $60,800. The recession has left millions with lower incomes, higher expenses, depleted savings, and reduced home equity or homes lost to foreclosure, making filing for bankruptcy a necessity for some. If you are considering filing for bankruptcy in Oklahoma, our experienced bankruptcy attorneys at Oklahoma Legal Center can help. Contact our law firm in Oklahoma City today and begin the debt relief process as soon as possible.
Average Amount of Debt on the Rise for Americans 55 and Older
According to the new research, conducted by the Employment Benefit Research Institute based in Washington, D.C., the percentage of U.S. households with individuals in their mid-50s and older with housing and consumer debt rose from 53.8% to 63% from 1992 to 2007. During that same period, the average amount of debt being carried by households with residents aged 55 and older more than doubled to an alarming $70,370.00. Researchers also found that the most common form of debt carried by those involved in the study was health care and credit care debt, and the average amount of credit card debt owned by Americans 55 and older was more than $10,000.
Many Older Americans Filing for Bankruptcy
Breaking down their findings, researchers found that American adults aged 50 and older owe a total of 17% of the nation’s $870 billion in student-loan debt, a statistic that was originally reported in a study released by the Federal Reserve Bank of New York. According to the Association of Independent Consumer Credit Counseling Agencies, all of these findings taken into consideration indicate that debtors in the United States aged 60 and older now represent the fastest-growing population seeking financial relief by filing for bankruptcy in the U.S.
Contact an OK Bankruptcy Attorney for Help
Filing for bankruptcy in Oklahoma is a big decision, and an experienced bankruptcy attorney in Oklahoma City can help make sure you are aware of all of your debt relief options before proceeding with a bankruptcy filing. If you are struggling with overwhelming debt and think that bankruptcy might be a viable option for you, consult our skilled bankruptcy lawyers at Oklahoma Legal Center today. Our law firm is located in Oklahoma City, and our bankruptcy attorneys have years of experience helping Oklahoma residents file for bankruptcy and start fresh.