William E. Maddox Jr., L.L.C. - Knoxville Bankruptcy Attorney

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More older Americans looking for debt relief options

Overwhelming debt is a problem for many consumers, and older individuals in Tennessee are no exception to this issue. In fact, the amount of debt affecting older Americans has increased exponentially over the last 20 years. Statistics indicate that from 1999 to 2019, the amount of debt for people age 70 and up has increased by 543%. This means there are many past retirement age who are looking for possible debt relief options.

One reason for this is that seniors are experiencing the fallout from a deterioration in many social programs on which they planned to depend after retirement. Many find themselves having to accumulate debt simply to make ends meet. Others find that the money the saved for retirement is not sufficient to cover their needs, such as medical care, rent and more. 

There has also been a sharp increase in the number of older households with debt payments that take 40% of their monthly income or more. Due to changes in health care coverage and the way many employers handle pension plans, older Americans often don’t have enough to fall back on to make it through retirement. As a result, there is an increase of those who are post-retirement age in Tennessee and across the United States filing for bankruptcy. 

For many, bankruptcy is a reasonable way to find debt relief. This process allows a consumer to discharge certain types of debt and eliminate the constant contact from creditors and debt collectors. Regardless of age, bankruptcy can allow someone to regain his or her financial footing.

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