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Thursday, September 4th, 2008

55+ Americans More Likely to File Bankruptcy Than Younger Generations

The older the age group, the higher the bankruptcy filing rate is, according to new analysis from the Consumer Bankruptcy Project, which examined bankruptcy filings between 1991 and 2007.

Those under 55 saw double-digit percentage drops in their filing rates, but people 65-75 years old were more than twice as likely to file bankruptcy and those 75 and older were more than three times as likely to file.

In 1991, those 55 and older accounted for 8 percent of bankruptcy filers, but by 2007, the number jumped to 22 percent.

The filing rate per thousand people aged 55-64 was up 40 percent; 65-74 year olds’ filing rate was up 125 percent; and the 75-84 group increased their filing rate a whopping 433 percent.

Higher prices on food, home supplies and other basic items have certainly contributed to this unfortunate filing bankruptcy trend.

Aged people are also more susceptible to incur expensive medical bills. Another contributing factor is that people are retiring with more debt and still have mortgage payments to make on their fixed incomes.

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Posted in Bankruptcy and the Economy | No Comments »

Thursday, February 22nd, 2007

National Consumer Bankruptcy Project Conducting New Research

Harvard Law Professor Elizabeth Warren and the other professionals affiliated with the Consumer Bankruptcy Project have collected significant data about the American families who file for bankruptcy protection and the reasons they file.

That data has been crucial in painting an accurate picture of the average American bankruptcy petitioner that stands in sharp contrast to the "deadbeat" portrait painted by the credit industry and presumed by the 2005 bankruptcy reforms.  You may even have seen Professor Warren on PBS recently, talking about debt in America, or on "20/20".

Now, the Consumer Bankruptcy Project is expanding its scope, and for the first time reaching for a national sample in its research.  That means bankruptcy petitioners across the country may be contacted or receive a Consumer Bankruptcy Project questionnaire.  If you've filed, or file, for bankruptcy protection and you receive the questionnaire, please consider participating in this important study.

Professor Warren assures us that the study has been approved by the human subjects review boards of several Universities and that all responses will be confidential.

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Posted in Bankruptcy News and Events, Setting the Record Straight about Bankruptcy | 1 Comment »