{"id":1033,"date":"2010-10-25T10:20:05","date_gmt":"2010-10-25T14:20:05","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=1033"},"modified":"2018-11-22T13:11:19","modified_gmt":"2018-11-22T13:11:19","slug":"senior-citizen-bankruptcies-up-primarily-due-to-credit-card-debt","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/senior-citizen-bankruptcies-up-primarily-due-to-credit-card-debt\/","title":{"rendered":"Senior citizen bankruptcies up, primarily due to credit card debt"},"content":{"rendered":"<p><a href=\"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2010\/10\/seniorcitizens.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-full wp-image-1034\" title=\"seniorcitizens\" src=\"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2010\/10\/seniorcitizens.jpg\" alt=\"\" width=\"213\" height=\"229\" \/><\/a>If you&#8217;re a New York senior citizen thinking about bankruptcy because of credit card debt, you&#8217;re likely not alone.<\/p>\n<p>Not only have senior citizen bankruptcy filings risen substantially from last year.\u00a0 But the <a href=\"http:\/\/www.huliq.com\/10178\/most-seniors-cite-credit-card-debt-bankruptcy-claims\">primary cause of those filings appears to be credit card debt<\/a>, not medical debt, according to <a href=\"http:\/\/www.law.umich.edu\/FacultyBio\/Pages\/FacultyBio.aspx?FacID=pottow\">research<\/a> by Law Professor John Pottow of the University of Michigan.\u00a0 Typically, senior citizens have approximately $24,000 of credit card debt when they file.\u00a0 By contrast, the young whippersnapper demographic typically has around $12,000 of credit card debt.\u00a0 And unsurprisingly, it&#8217;s the credit card fees and interest that are cited as problems that lead to the bankruptcy filing.<\/p>\n<p>Why do seniors have more credit card debt?\u00a0 There&#8217;s no research-based answer to the question yet.\u00a0 But some theories include:<\/p>\n<ul>\n<li>Lack of access to other forms of credit<\/li>\n<li>Lack of sophistication regarding use of credit cards<\/li>\n<li>Less likely to try and negotiate with credit card companies<\/li>\n<li>Fear of discussing the problem with family members and others<\/li>\n<li>Reliance on fixed incomes which makes it hard to deal with ballooning fees and interest rates<\/li>\n<\/ul>\n<p>Regardless of the reason, the increase in senior citizen bankruptcy filings is a real phenomenon.\u00a0 And particularly noteworthy is that filings by people 75 and older jumped by 566.7%!<\/p>\n<p>If you&#8217;re facing mounting credit card and other debts, regardless of your age the bankruptcy process is available to help you deal with your problems in a reasonable and appropriate way.\u00a0 And an experienced New York bankruptcy attorney will help make the process go as smoothly as possible so you can get past worrying about your debts and get back to worrying about your children and grandchildren.<\/p>\n<h2 style=\"text-align: center;\"><a href=\"http:\/\/www.nybankruptcy.net\/main\/contact\/\" target=\"_blank\" rel=\"noopener\">Contact Bruce Weiner, Esq.<\/a><\/h2>\n<p><strong><a href=\"http:\/\/www.nybankruptcy.net\/main\/contact\/\" target=\"_blank\" rel=\"noopener\">EMAIL Bruce Weiner<\/a><\/strong><br \/>\n<strong>Phone<\/strong><br \/>\n(718) 855-6840 (Local)<br \/>\n(866) 402-8476 (Toll Free)<br \/>\n<strong>Fax<\/strong> (718) 625-1966<\/p>\n<p><em>Go to\u00a0<strong><a href=\"https:\/\/nybankruptcy.net\/main\" target=\"_blank\" rel=\"noopener\">fair debt collection practices act\u00a0<\/a><\/strong><\/em><em>t<\/em><em>o learn more about <a href=\"http:\/\/www.nybankruptcy.net\/\" target=\"_blank\" rel=\"noopener\"><strong>Rosenberg Musso &amp; Weiner LLP<\/strong><\/a> and\/or to set up a free consultation.<\/em><\/p>\n<p><center><\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;re a New York senior citizen thinking about bankruptcy because of credit card debt, you&#8217;re likely not alone. Not only have senior citizen bankruptcy filings risen substantially from last year.\u00a0 But the primary cause of those filings appears to be credit card debt, not medical debt, according to research by Law Professor John Pottow &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/nybankruptcy.net\/main\/senior-citizen-bankruptcies-up-primarily-due-to-credit-card-debt\/\"> <span class=\"screen-reader-text\">Senior citizen bankruptcies up, primarily due to credit card debt<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,5],"tags":[45],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Senior citizen bankruptcies up, primarily due to credit card debt<\/title>\n<meta name=\"description\" content=\"If you&#039;re a New York senior citizen thinking about bankruptcy because of credit card debt, you&#039;re likely not alone. 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