At the Law Office of Paul R. Idlas in Illinois, we have noticed that more and more of the people who come to us for help in filing bankruptcy are senior citizens. Even the New York Times has reported on this new “gray bankruptcy” phenomenon, reporting that seniors like you now represent 12.2 percent of all bankruptcy filers whereas you represented only 2.1 percent in 1991.
Why gray bankruptcy is on the rise
How divorce and bankruptcy are related
Divorce is an extremely difficult life situation to face, with emotional as well as financial stresses. In fact, the financial impact of a divorce can sometimes be so severe that it leads to the necessity of filing for bankruptcy.
How do Americans feel about their personal debt?
If you are an Illinois resident who believes your household has never fully recovered from the 2009 financial crash, you are not alone. Despite frequent news reports of an economic recovery, many people across the nation have failed to feel its effects. If you are one of them, your amount of debt likely has increased in the past decade while your salary or wages have not kept pace.
