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Senior Bankruptcy on the Rise

Even though the senior population in the U.S. is increasing, the number of older Americans being forced to file bankruptcy is even higher, according to statistics. Recent data shows that over 12% of bankruptcies being filed in the U.S. are households being headed by seniors. The culprit seems to be the cutbacks in these seniors' social safety nets, such as more out-of-pocket healthcare costs and a decrease in government assistance. Experts only expect these numbers to increase as by 2050, one-quarter of the U.S. population will be older than age 65, compared to only 15% currently.

Would Bankruptcy Work for You?

Even though filing bankruptcy is not always a necessity, or beneficial, in some situations it can be the answer for seniors who are struggling financially. To determine if bankruptcy might be the answer for you, ask yourself these questions:

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Chicago Residents Sue the City After Being Forced into Bankruptcy

Traffic ticket prices have skyrocketed in Chicago since Mayor Rahm Emmanuel agreed to spike citations from $120 to $200. Statements from the mayor say that the surge in traffic citation prices will bring $16 million much-needed dollars to the city of Chicago. However, the citations managed to only generate a few million dollars and forced thousands of already disadvantaged residents into filing for bankruptcy to cope with the debt. As a result, unpaid traffic citations have contributed to an explosion in Chapter 13 bankruptcy filings in Chicago. Collectively, drivers owe $275 million dollars in traffic tickets since 2012. In an effort to fight back, residents filed a class-action lawsuit. The lawsuit alleged that the price of traffic citations exceeds the state cap of $250 per ticket.

What Does it Mean to File for Bankruptcy?

Bankruptcy is designed for individuals who are overwhelmed with debt and cannot find a way to pay. The right to file for bankruptcy is provided by federal law and is given to all persons. Filing bankruptcy immediately stops creditors from seeking to collect debts from you until your debt is settled as according to the law. For instance, filing for bankruptcy in Illinois can:

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How to Know it is Time to File for Bankruptcy

When you are living with debt, the debt can easily become your “new normal.” Sometimes, an individual can live like this for years, not realizing that he or she can receive help with the debt through financial counseling, debt consolidation, or bankruptcy.

If one or more of the following apply to your life, you could be a good candidate for bankruptcy. Talk to an experienced bankruptcy lawyer to receive help and advice with that decision.

Your Debt is Growing Faster than You Can Pay it Down

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What if I Do Not Qualify for Chapter 13 Bankruptcy?

If you are struggling with an intense level of personal debt, consider filing for bankruptcy. Individuals in this situation can file for Chapter 13 or Chapter 7 bankruptcy, depending on the chapter for which they qualify. Often, it is easier to qualify for Chapter 13 bankruptcy, but this is not always the case.

Consider Chapter 7 Bankruptcy

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