Seniors Declaring Bankrupcy Reaches New Highs

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Credit card debt and medical expenses are causing more older Americans to file for bankruptcy. The number of bankruptcy filers age 65 and older more than tripled from 2.1 percent of seniors in 1991 to 7 percent in 2007, according to a recent study of bankruptcy filings. While this is considerably less than the 12.4 percent of the general population that filed for bankruptcy in 2007, older Americans are the fastest growing demographic of bankruptcy filers.

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