About Me
“ Craig D. Robins, Esq., has been a practicing Long Island bankruptcy attorney for over twenty-four years ”
Written by Craig D. Robins, Esq.More and more Long Island seniors are eliminating their debts with bankruptcy
Although our tough economic times are hurting people of all ages, I find senior citizens who are living on pensions and Social Security are struggling the most. They are often juggling medical credit card payments, medical debts and other obligations made difficult by Long Island’s high cost of living.
AARP Report Shows Bankruptcy Rates Rising for Seniors
According to a recently-released report by AARP, the rate of personal bankruptcy filings among those ages 65 or older grew by 125 percent, while the bankruptcy rate of seniors ages 75 to 84 jumped a stunning 433.3 percent.
A large number of my clients consist of the elderly, and filing bankruptcy enables them to eliminate their debts and remove a great source of stress in their silver years.
Economist Puts Some Blame on this Country’s Poor Pension Systems
I recently discussed bankruptcy and the economy with Thomas J. Mackell Jr., a former Chairman of the Board of Directors of the Federal Reserve Bank of Richmond and a crusader for pension reform. See Former Federal Reserve Bank Chairman Points Out Disturbing News About Americans and their Pensions.
Mr. Mackell said of senior citizens’ financial problems, “It’s frightening. It’s a horror story in the making. It will not get better. It will continue to get worse.”
He continued, “We are facing a generation of boomers where 55 percent of them are ill-prepared economically to retire.”
More and more Americans are finding that their debt obligations prevent them from retiring. However, it does not make sense for senior citizens to be slaves to their credit card debts when they can be eliminated easily in a Chapter 7 bankruptcy proceeding.
I’ve counseled many Long Island senior citizens and am glad that I have been able to provide many with a means to reduce their stress and a way out of their financial burden.
