ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Should Senior Citizens File Bankruptcy?

Updated on February 18, 2013

Senior citizens are frequently said to be enjoying their golden years. This tends to imply that all is well in their world; they have earned the right to happiness, relaxation and peace of mind. That is the ideal situation, but it is often not the case, especially when it comes to money. That is evidenced by the fact that senior citizens are now the fastest growing segment of people filing petitions for Minnesota bankruptcy.

Why are Seniors Struggling Financially?

According to the AARP, the rate of personal bankruptcies filed by people age 65 and older grew by 125 percent from 1991 to 2007. The statistics are even more shocking for people in the age range of 75 to 84. Their bankruptcy rate expanded by a whopping 433.3 percent.

These numbers are not only appalling they are truly frightening. What has caused the horrific upsurge in financial struggles for elderly citizens? There is, of course, no one single reason, but rather complex causes. Inflation has risen dramatically, but pensions and retirement incomes have not. In fact, with the failure of some companies, some pensions have been cut or have disappeared entirely. Because life expectancy has grown, pensions and savings that seemed sufficient for retirement are now not lasting as many years as people need them to.

Faced with skyrocketing costs for medical care, prescription drugs, food and utilities, many seniors turned to credit cards more frequently to get what they must have for survival. Now they find themselves drowning in debt, struggling to meet the minimum payments and unable to afford the necessities of life.

Chapter 13 Bankruptcy

Resources for Bankruptcy For Seniors

What are their options?

If seniors are in good health, many of them opt to go back to work. Unfortunately, now is not a good time to find a job, even if you are young and attractive. With multiple applicants for every position, age discrimination is alive and well. Faced with two equally qualified candidates, one 70, the other 30, most employers feel justified in hiring the 30 year old.

Other seniors to choose to sell off valuables or to go without enough food or medicine they need. Many of these people worked hard all their life and fought to protect their credit rating. They would rather go without than to see their credit rating suffer.

Those more familiar with Minnesota bankruptcy law tend to opt towards filing sooner than others. They are tired of being constantly harassed by creditors, unable to open the mailbox or answer the phone without being afraid another barrage of demands for money will meet them. The stress is not good for their health and they want to live in peace. For them, bankruptcy is the solution. They will have serenity back in their household and they can then use the money they’ve been trying to pay debts with and purchase the necessities of life.

If you or someone you care about is a senior citizen dealing with crippling debt, consult with a competent Minnesota bankruptcy attorney. He/she will be able to help you with questions and concerns and guide you to the right decision for you. Bankruptcy is often the solution that allows seniors to spend their golden years untarnished.


    0 of 8192 characters used
    Post Comment

    No comments yet.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)