Many seniors no longer have sufficient assets to maintain their lifestyles. There is a tendency in these situations to go into debt. Seniors use credit cards to finance routine purchases with the hope that they will be able to pay their credit cards back at some point in the future.
The credit card debt that seniors are maintaining has been growing. Seniors also require more medical treatment than younger Americans. In situations where the medical treatment is not covered by insurance, seniors find themselves in debt.
The primary reason for seniors filing bankruptcy has to do with their inability to pay credit card debt. The medium credit card debt for seniors filing bankruptcy is over $27,000. Medical expenses are the second largest cause for seniors to file bankruptcy.
In addition to problems involving credit card debt and medical expenses, more and more seniors in their late-fifties and sixties are still carrying mortgages on their principle place of residence. Today, 63% of all Americans in their late-fifties and sixties are still making mortgage payments. This is up significantly from the 49% of individuals in this category that were carrying mortgages in 1989. These figures were obtained from the Joint Center for Housing Studies at Harvard University.
About Our Law Firm
Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys and has been assisting New York seniors in dealing with all types of legal problems for over 45 years. Our phones are answered 24 hours-per-day, 7 days-per-week. Our phone numbers are 1-800-344-6431, 516-561-6645 or 718-350-2802. You may also contact us by email.
