Why are so many seniors filing for bankruptcy?

At his law office in Orem, Doug Barrett has noticed something about his clients: They’re older than they used to be. That’s troubling because Barrett specializes in bankruptcy, the legal last resort for people who can’t pay their bills. Even as bankruptcy rates are declining in the general population, both in Utah and nationwide, new research shows they’re increasing for people 65 and older. In 1991, 2.1 percent of people filing bankruptcy were between 65 and 74; in 2016, 12.2 percent were, according to a report on late-life bankruptcy published in August. “One in 7 bankruptcy filers is of retirement age, 65 years or over. This is a nearly five-fold increase over just two and a half decades. This is a notable demographic shift,” wrote the authors of “Graying of U.S. Bankruptcy,” the report prepared by scholars at four universities who work with the Consumer Bankruptcy Project. While bankruptcy […]