This blog recently discussed the increasing need seniors may have for bankruptcy protections and options to help them with the different types of debt they may be facing. It might be helpful to take a closer look at how this trend is impacting older Tennesseans and the options available to them if they need help.
A recent study reported that older Americans are seeking bankruptcy protections at an increased rate. Researchers reported a fivefold increase in the number of seniors filing for bankruptcy. Tennessee routinely ranks among the top five states for bankruptcy filings, though numbers within the state have fallen a bit in the past couple of years. Researchers pinned the increase in filings on a drop in wages, job losses, overwhelming healthcare costs and reductions in safety net programs for seniors.
An organization in Tennessee that helps seniors reports that older Tennesseans will often forego prescriptions, food and necessities to address their obligations. A large number of seniors saw their wages and savings cut during the recession and never recovered from those losses headed into their golden years. It is important for seniors to understand that there are options available to help them with the stress they may be facing associated with calls from creditors and concerns about making ends meet.
Different personal bankruptcy options can provide immediate relief once filed and can also offer freedom from the constant stress and strain of debt. It is crucial for seniors in Tennessee, and others as well, to be familiar with personal bankruptcy options, how they work and how they can qualify to enjoy relief from debt.