Phone Call Us 414-326-9231
Toll Free 866-678-9352
Text Us 414-277-7742

Debt is a growing problem for the elderly

We often note that bankruptcy often happens for unplanned and unforeseen reasons. Accidents that leave you out of work or a purchase of your employer by another company that decides to close your office or plant.

And it sometimes happens to those whom many would believe would be immune to such mortal failings as bankruptcy filings, like Hollywood actors and NFL stars. But it does, because situational and financial troubles can strike anyone at anytime. Those who avoid bankruptcy are often just luckier.

For instance, the fastest growing group that is looking to bankruptcy protection is seniors. There are multiple reasons, but one large factor is parents who cosign student loans for their children.

The Great Recession and the extremely anemic job market, combined with low wage growth overall has left many people age 65 and older in the unpleasant and surprising position of filing a Chapter 7 or Chapter 13 petition in bankruptcy court.

Another factor is that of insufficient savings or planning for retirement. Gone are the days when most employers provided plush retirement pensions, which when combined with Social Security, meant many seniors could retire comfortably, often with practically no debt.

The Great Recession, with its job losses and the wiping out of trillions in residential real estate valuation left many older Americans in poor economic condition and instead of maximizing their savings for their retirement, many were left scrambling to find a new place to live or attempting to refinance a mortgage under very undesirable conditions.


Source:, "Dying with debt can prove costly ... for the survivors," Ilana Polyak, special to, July 6, 2015

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map

Glendale Office
6001 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Law Office Map