number of Americans aged 65 and older who file for bankruptcy has increased significantly over the past two decade

number of Americans aged 65 and older who file for bankruptcy has increased significantly over the past two decades, according to a study from the University of Michigan law school. In 1991, just 2.1% of those aged 65 and older had filed for bankruptcy, but by 2007, that number had shot up to 7%.


In general, Americans these days file for bankruptcy later in life, with the average age of those declaring bankruptcy rising from 36 in 1991 to 43 in 2007. However, the study, which is based on previous bankruptcy studies and surveys of 2,500 people who had filed for bankruptcy, found that those 65 and older have seen the largest percentage increase in bankruptcy filings.