The North Carolina Bankruptcy Information Blog

More than 1.4 million Americans filed for bankruptcy in 2009; surprisingly, a large number of filers were over the age of 65. Senior citizens were traditionally less likely to file bankruptcy for a number of reasons. Until recently, for example, senior citizens held less credit card debt than younger people. They have less time to repair their credit rating after a bankruptcy as well, and may feel that the perceived harmful effects of bankruptcy will haunt them forever. Considering that many myths about bankruptcy are deep-rooted, older Americans may be more likely to hold strong feelings associating bankruptcy with shame and failure.…

The sad fact is, these days nobody is immune to financial troubles. This includes people who have worked hard their entire lives, all the while looking forward to reaping the rewards of their hard work in a restful, stress-free retirement. So what happens to seniors when they run into serious financial trouble? The reality is that wherever there are people in trouble, unsavory parties are out there looking to cash in.  With nowhere else to turn to,  many cash-strapped seniors have become the focus for companies looking to hook clients into signing what are called “reverse mortgages.” It’s true that these arrangements can help some people, and some legitimate lenders do help seniors come to mutually beneficial arrangements.  But because this is regrettably not true across the board, it’s important to understand what a reverse mortgage is and the possible risks, before signing up.…