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June 18, 2008
AARP on growing bankruptcy threat to older Americans
AARP's research arm has released a report -- Generations of Struggle -- written by three of the nation's leading academic scholars on bankruptcy. Their findings reveal grim news for older adults. The rate of bankruptcy filings among those ages 65 and older has more than doubled since 1991, and the average age for filing bankruptcy has increased. Other important findings are: Americans age 55 or older have experienced the sharpest increase in bankruptcy filings. Americans age 34 or younger have experienced the greatest decrease in bankruptcy filings. The influence of Baby Boomers on bankruptcy filings has moderated substantially. The report is written by Professors Deborah Thorne of Ohio University, Elizabeth Warren of Harvard Law School and Teresa Sullivan of the University of Michigan and is based on data "from the 2007 Consumer Bankruptcy Project, which surveyed 2,435 adults of all ages who filed for bankruptcy in early 2007."
Posted by Ed Mierzwinski at June 18, 2008 10:18 AM
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