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Debt and bankruptcy are problems for seniors

It is a common misconception that a person's financial health will always improve over time. The idea behind this belief is that as time goes on a person will contribute more and more to their savings, their retirement nest egg will grow, and they will eventually be able to stop working and enjoy the remaining decades of their life in financial comfort. A recent report by the Consumer Bankruptcy Project suggests that this is not the case.

In Tennessee and the other states of the nation, older Americans are suffering financial perils at an alarming rate. There are many reasons that financial troubles are hitting this population. For example, the incredible costs of getting medical care and paying for one's own health insurance can cripple a person who otherwise prepared for their retirement years.

Also, older Americans are discovering that the financial support systems their parents may have counted on are no longer as viable as they once were. Instead of being able to provide themselves with all of their needs, seniors are facing the difficult decisions of choosing to buy food over medications, and electing to keep a roof over their heads instead of paying down their mounting financial debts.

As a result, more and more seniors are filing for bankruptcy and seeking other means of debt relief. Bankruptcy is an effective way for many Americans to take control of their financial affairs and set themselves up for improving the debt situations. However, senior citizens are in a vulnerable position as they often must fight to keep their heads above the financial waters and find ways to get themselves through the difficult post-retirement years of their lives.

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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