“The social network shrinks.”
And when it does, notes a recent national article, financially challenged seniors are increasingly turning to bankruptcy as a potential solution to material debt woes.
The above-quoted language from the New York Times alludes to America’s co-called “safety net” that has historically been in place to help ensure the continued financial viability of the country’s aging demographic.
The reality of that protective safeguard is this: It has eroded in recent years. In fact, legions more Americans than ever before are encountering stark money-linked issues when they can least afford to do so. That they are owes heavily to things like vanished pensions, reduced employer-sponsored benefits (especially health care coverage assistance) and ongoing mortgage requirements.
The collective squeeze resulting from such factors puts many seniors in the unenviable position of dealing with insistent creditors when they no longer have jobs and work-related income.
For many, stresses the Times, the most logical – and sometimes sole – recourse is a bankruptcy filing aimed at reducing the onerous exactions. Reportedly, the number of Americans filing for bankruptcy protection has spiked by about 300% from a generation ago.
Candidly, it can be comparatively more difficult for older individuals to regain the financial traction offered through bankruptcy, given that doing so requires time that is logically more readily available to younger filers.
Still, growing numbers of seniors are seeking the distinct benefits offered by bankruptcy, with the time-honored debt-relief vehicle serving many older filers well even in their advancing years.
Questions or concerns regarding debt-relief options can be directed in Arkansas to experienced Little Rock bankruptcy attorneys.