Overwhelming debt fueled by a weak economy, a foreclosure crisis, and rising health care costs have forced many Americans to file for bankruptcy. The rate at which Americans over the age of 65 have been filing bankruptcy is truly alarming. According to the AARP, since the early 1990’s bankruptcy filings for adults over the age of 65 have increased by 150%. Bankruptcy filings for adults between the ages of 75 and 84 have increased by a staggering 433% over the same period.

There are many factors contributing to this state of affairs but medical debt is a major culprit. Where social security was once enough to cover most medical bills, it is now not even close to being sufficient. High prices for health care and ordinary goods have hurt seniors who struggle to live on fixed budgets. Older Americans are not able to recover from these debts like many of their younger counterparts who are still in the work force and have the ability to continue earning wages. For those Americans who have retired or are unable to work because of an illness, there is likely no hope of paying off these debts.

While the pressure caused by high gas prices, distressed real estate markets, and a weak economy have put pressure on all Americans, those Americans over the age of 65 are increasingly facing the need for debt relief and professional advice to protect what is supposed to be their golden years. If you or someone you know is facing similar difficulties please seek professional advice regarding your options.