As individuals advance in age, the likelihood they may experience a medical emergency may increase substantially. While many may be prepared to accept this inevitability, they might not be ready to face the accompanying financial responsibilities it can bring. With health care costs that are constantly on the rise, studies indicate that many elderly individuals in Ohio and elsewhere have found themselves in search of relief through bankruptcy.
Over the past 27 years, the rate of senior citizens who have chosen to pursue relief through bankruptcy has reportedly tripled. Although these individuals may experience financial strain under a variety of circumstances, the leading cause of debt late in life pertains to medical bills. At this age, it might not be uncommon for a person to also see a substantial decline in income, which makes the rising costs of medical care all the more imposing.
The increase to the rate of bankruptcy filings among senior citizens could be in part due to changes to Social Security. In the current age, a person must wait longer to be eligible for full benefits. In addition, changes to employee pensions have also left many individuals somewhat unprepared for the unexpected costs that can arise during the golden years of life.
While bankruptcy can be an effective financial tool to help a person pursue financial relief, many may be hesitant to choose this path. As financial concerns continue to grow, waiting to decide on a path may prove detrimental. Those who are experiencing significant financial issues could benefit from speaking with an attorney in Ohio for assistance in choosing a strategy to pursue relief from debts and advice on how to begin working toward a brighter financial future.