Debt has become the common denominator of American life: in 2007, more than a million people filed for bankruptcy. In this paper, researchers Deborah Thorne of Ohio University, Elizabeth Warren of Harvard Law School, and Teresa A. Sullivan of the University of Michigan analyze data from the 1991, 2001, and 2007 Consumer Bankruptcy Project surveys. 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: … Back to Article
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