According to a recent report, hundreds of thousands of seniors in the United States age 85 and older are returning to work. Why? Debt, particularly medical debt. Bankruptcy law may benefit the situations of numerous struggling seniors in Michigan.
An 87-year-old male in a neighboring state made headlines recently for looking for work as a truck driver. He is planning on leaving retirement to help pay for his spouse’s medical debt. She suffers from a number of ailments and is frequently hospitalized. The couple has already sold their home and many of their possessions to pay their creditors. Unfortunately, it has not been enough, and this man feels that seeking out a trucking job is his only option at this point.
The rate of seniors filing bankruptcy has risen 204 percent since 1991. Individuals 65 and over tend to be on a fixed income. When major expenses come up, it is very easy for them to quickly go into debt.
Spending one’s retirement years worried about debt is no way to live. Thankfully, bankruptcy law could help many struggling seniors in Michigan and elsewhere tackle their debts and get back to enjoying retirement. Those individuals who would like to learn more about the various debt relief options that may be open to them can turn to a bankruptcy attorney for guidance. Bankruptcy may not be necessary in every case, but it may be the answer for some, and if it is, that is okay. There is certainly no harm or shame in seeking relief through legal means.