Medical debt is forcing more and more older Americans into filing for bankruptcy protection.
While still making up only a small percentage of all bankruptcy filers, more Americans over the age of 65 are filing for protection and medical debt is listed as the number one reason. The fact that women generally live longer than men also means that those many of those filers tend to be women.
Filing for bankruptcy protection provides “emotional relief” for senior citizens, said an attorney who has helped older individuals file for personal bankruptcy protection.
One woman who filed for bankruptcy protection called the process an “emotional lifesaver,” and another attorney says that bankruptcy has saved many older Americans from ending up in divorce because of the stress caused by the debts.