SENIOR CITIZEN BANKRUPTCY RATES EXCEED NORM

May 8, 2007

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Bankruptcy filing rate among older Americans outpaces general population
From the American Bankruptcy Institute

A recent study reveals that bankruptcy filings by older Americans age 55 and over are increasing at a faster rate than the general population. John Golmant and Tom Ulrich, researchers at the Administrative Office of the U.S. Courts (AOUSC), conducted their study by comparing chapter 7 and 13 consumer filing data from 1994 and 2002 to examine how age demographics affect bankruptcy filings. The results of the study are summarized in their article titled “Aging and Bankruptcy: The Baby Boomers Meet Up at Bankruptcy Court,” published in the May 2007 issue of the American Bankruptcy Institute Journal.

The study confirms that filing rates for Americans ages 45 and over are increasing larger than any other age category of bankruptcy petitioners. The study found that bankruptcy petitioners over the age of 45 increased from 27 percent of all filers in 1994 to 39 percent in 2002. The fastest growth in chapter 7 filings occurred for petitioners over the age of 55. The study also found a general aging of the debtor population, with the median age for bankruptcy petitioners rising from 37.7 in 1994 to 41.4 by 2002.

SENIOR CITIZEN BANKRUPTCY RATES EXCEED NORM