If you are a senior living in the state of Ohio, like many of your contemporaries you may be worried about the amount of debt you are living with at the present time. This may overwhelm you and cause you to fear for your financial future during your retirement. We here at Debra Booher & Associates Co LPA understand the many concerns you have as a result of your financial challenges.
According to The New York Times, bankruptcy has become increasingly common amongst older Americans. The paper points out the fact that recently, three times as many seniors were filing for bankruptcy as this age group did in back in 1991. There are many reasons for the accumulation of debt that have created this surge and it is also often attributed to multiple factors.
Likewise, you probably have more than one hardship that contributed to your debt. Often, a medical crisis causes a ripple effect in multiple aspects of your life. Different factors for your current financial instability may include:
- Credit card debt
- Co-signing of loans for adult children or your children’s student loans years before
- The death of your spouse
- Exorbitant medical expenses, sometimes from the loss of health insurance
- A decrease in your income
No matter what the source or sources that contributed to your debt, the end result is a financial insecurity you may have that overwhelms your everyday life. In many cases, filing for bankruptcy may be your best bet for resolving these financial issues so you can live your retirement years peacefully. More information about this topic can be found on our web page.