MichiganRadio

Number of seniors filing bankruptcy rising ANN ARBOR, MI (Michigan Radio) - The golden years have lost their luster for an increasing number of Michigan seniors who find themselves in serious debt.

More than 20 percent of all bankruptcies in the United States are filed by people 55 and older. That's a 12 percent jump in the past 10 years.

John Pottow is a University of Michigan law professor.

He says credit card debt is very high for seniors who file for bankruptcy - averaging about $22,000, compared to an average about $15,000 for younger filers.

Pottow also says seniors are often reluctant to tell others about their circumstances or ask for help.

"Ten percent of them skipped food before they filed for bankruptcy; 31 percent of them skipped medication before they filed for bankruptcy," Pottow says. "So I find that somewhat inconsistent with the narrative that this is a question of people who are buying BMWs and Mercedes."

Pottow says more expensive health care and housing, the end of many private pensions and insufficient financial planning are pushing many seniors to bankruptcy.
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