This year, we’ve seen more older Dallas-area residents filing for bankruptcy, which unfortunately, isn’t surprising. According to national study, more American seniors (over the age of 65) are filing for bankruptcy than ever before.
The cost of living continues to increase for everyone, and for many older Americans, combined with rising healthcare costs and increasing debt, bankruptcy becomes the only option.
According to the study, the average debt for families with a head of household over the age of 75 has increased drastically since 2010, when it was only $30,288. In 2016, the average debt for the same families was $36,757.
Even more shocking, the number of families 75 and older with debt increased a staggering 60% from 2010 to 2016.
The average Social Security check is only $1,404 a month, and according to government data, that check accounts for more than 90% of the monthly income for over 40% of single seniors.
If you’re a DFW area senior and you’re struggling with debt, or your monthly expenses always exceed your monthly income, we can help! Call us today at 214-760-7777 for a free consultation. We’ll walk you through your options, so you’ll feel confident that you’re making the right step to move forward.