Did you know the number of older Americans bringing mortgage debt into their golden years is on the rise? According to a group of Harvard researchers, the percentage of Americans with mortgage debt over the age of 65 has risen from 22 percent in 1995 to 38 percent in 2013. This statistic shows how financial pressures are changing for seniors in America, and it is part of why bankruptcy is so important for older Americans. According to researchers examining data from the Consumer Bankruptcy Project, more seniors are filing for bankruptcy now than ever before. In 1991, only 2.1 percent of consumer bankruptcy filers were between the ages of 65 and 74. In 2016, that percentage has risen to 12.2 percent. Why are so many more seniors filing for bankruptcy? While some analysts have pointed to the senior community expanding due to aging Baby Boomers, others aren’t buying that explanation….
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