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More Georgia Seniors Filing for Bankruptcy

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Most of us envision our retirement years as something of an adventure – a time to travel, take up hobbies, and enjoy our stress-free golden years with friends and family. Yet according to a new study, today’s seniors may not have the financial resources to fulfill those dreams. The elderly population is filing for Chapter 7 and Chapter 13 bankruptcy in record numbers, and credit card debt is often the culprit.

In 2007, seven percent of bankruptcies were filed by someone 65 or older, which is a dramatic increase from 1991, when just two percent of filers were over retirement age, according to a study by University of Michigan Law Professor John Pottow. Additionally, the median age of bankruptcy filers has risen steadily, from 36.5 in 1991 to 43 in 2007.

The study cites increased levels of credit card debt as the main reason for the rise in elderly bankruptcy filings. While younger debtors have a median credit card debt of $15,000, debtors over 65 have a median of $27,000, according to the Consumer Bankruptcy Project. In addition, older debtors are more likely to have five or more credit cards than their younger counterparts.

Pottow says that credit card debt has risen among the elderly population for several reasons. While 60 percent of younger debtors asked creditors to work with them before resorting to bankruptcy, only 38 percent of the elderly did so, indicating that they are less willing or able to deal with credit card companies.

Another possible reason for increased credit card usage, Pottow says, is that younger people are more likely ask for help when they get into trouble. 68 percent of younger debtors had asked for financial assistance, compared to just 35 percent of the elderly. Pottow found that pride was a major reason for this disparity, relaying one interviewee’s answer. “You don’t have to have an awful conversation with your kids about your financial problems,” the response said. “You just fill out that thing that came in the mail and you don’t have to tell the kids.”

Source: Forbes, “Credit Card Debt Blamed for Surge in Elder Bankruptcy“, Janet Novack, 12 October 2010

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Gingold & Gingold LLC
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!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

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.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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