MORE SENIORS ARE GOING BROKE
July 16, 2007
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by BARB GALBINCEA and KAREN FARKAS
THE (CLEVELAND) PLAIN DEALER
Mid-Michigan senior citizens are echoing a national trend by filing for bankruptcy more than ever, a Saginaw attorney says.
Older Americans increasingly are becoming overwhelmed by debt. By one expert estimate, people 55 and older now account for more than 22 percent of those filing for bankruptcy, up from less than 10 percent in 1994.
“The economy is not good right now, and it’s affecting everyone,” said Martin Wilson of Swartz & Wilson. “Seniors, however, are the ones living on a fixed income to begin with.”
Among Wilson’s clients are a senior couple who filed for Chapter 13 bankruptcy.
For more story - http://www.mlive.com/news/saginawnews/index.ssf?/base/news-23/118449486986780.
MORE SENIORS ARE GOING BROKE
