Increase Amount Of Baby Boomers Filing Personal Bankruptcy
A new study which was published in the American Bankruptcy Institute's ABI Journal recently in September 2010 has shown that the Baby Boom generation are becoming the huge portion of individuals who are or have filed for personal bankruptcy.
The recent study entitled 'Aging and Bankruptcy Revisited' used data from 1994 to 2007, finding that 42 percent of individual bankruptcy filers were within the age of 45 and 64 years old. This means that the baby boomers who are now the aging population have increased the number of bankruptcy applicants who are filing personal bankruptcy that are over the age of 55. This is a huge concern for those who cannot afford to pay off their debt. With an aging population this also means that the more debt that has been accumulated the more troubles will come for the economy of the United States as well as the children of the baby boomers.