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Bankruptcy Rate Among Seniors Soars Atlanta, GA

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Bankruptcy Rate Among Seniors Soars

Seniors are struggling to get by on less than they’ve ever had before. This was the finding of a recent study by the Consumer Bankruptcy Project. Between 1991 and 2007, the number of bankruptcies filed by individuals over the age of 65 rose 150 percent. The greatest jump in filings was found in individuals aged 75 to 84, whose filings increased 433 percent during that time.

This shocking surge highlights the growing financial struggles of older Americans. A co-author of the study points out that instead of reaching retirement with a variety of assets and a comfortable nest egg, seniors are reaching retirement age bogged down with debt. As a result, many are forced to consider how bankruptcy can help them protect their retirement income and plan for the future.

More Seniors Forced to Get By With Less

Historically, bankruptcy among seniors was the result of medical debt. While medical bills remain the chief cause of filings, other factors are emerging as well.

Recently the economic crisis has left many within this group struggling with incomes that have been significantly reduced or lost entirely as well as a diminished retirement nest-egg.

The rising cost of living is only adding to monthly pressures on seniors. Increased interest rates on credit cards make it even harder for seniors to save.

When seniors fall behind on payments for credit cards, mortgages or other loans, collection agencies will still aggressively pursue payments. Ultimately, they may initiate lawsuits or foreclosure proceedings. For seniors in Atlanta and the surrounding areas, bankruptcy can offer both protection and peace of mind.

Bankruptcy Offers Many Seniors Protection and Peace of Mind

As soon as a bankruptcy has been filed, the automatic stay goes into effect, putting an immediate stop to any pending collection actions, including garnishments and foreclosures. Filers enjoy the additional peace of mind knowing collection agencies are no longer allowed to contact them demanding payment.

Bankruptcy allows seniors to protect their retirement reserves so they can spend each dollar where it is needed most. If you or a loved one is struggling to make ends meet and you are ready for creditor calls to stop, you should call an experienced Atlanta bankruptcy attorney to learn about your options.

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    Jamie L. Gingold, PC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

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