According to a recent Wall Street Journal article, the number of baby boomers filing for bankruptcy is on the rise. Data gathered by the Administrative Office of the U.S. Courts shows that in 2007, nearly half of all individuals filing for bankruptcy in the United States were between the ages of 45 and 64. A full 42% of all filings belonged to Baby Boomers, representing a disproportionate number of filings associated with older Americans.
The findings of the study, set to appear in the September issue of the American bankruptcy Institute’s ABI Journal, show that the number of bankruptcy filings belonging to individuals between the ages of 55 and 64 increased by 65% during the five year period of 2002-2007. Comparatively speaking, the number of filings belonging to individuals 25 years of age and younger decreased by 60% during the same time period.
Variable mortgages are cited as one possibility for why Baby Boomers were hit so hard financially in recent years. Reportedly, many mortgage companies targeted older individuals with offers of low mortgage payments, which have since increased due to variable mortgage rates, a process that has been extremely scrutinized as of late. However, Baby Boomers are certainly not the only age group that has been adversely affected by the declining economy or may be sorting out New Jersey debt after bankruptcy.
At the Law Offices of Robert Manchel, our experienced New Jersey bankruptcy attorneys have assisted many individuals with the important decision as to whether bankruptcy is in their best interest. We will also guide you through the process and explain the disadvantages of New Jersey bankruptcy. If you’re thinking of filing for Chapter 7 or Chapter 13 bankruptcy protection, please contact our offices for more information. Call 866-503-5655 to speak to one of our skilled bankruptcy attorneys today.