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File Bankruptcy to Save Your Retirement? Why It’s Actually a Smart Choice

Image Credit: TotalBankruptcy.com

With the economy continuing its slow recovery, research data suggests that seniors are filing bankruptcy in higher numbers than ever before. According to a recent article from TheStreet.com, approximately 25.3 percent of all bankruptcies filed in 2011 involved individuals who were aged 55 or older. The cause? Living expenses, including medical expenses, are increasing while their income is decreasing. Even though government programs like Social Security and Medicare are intended to bridge the gap, seniors often find themselves coming up short and racking up debt as a result.

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