(Undated) — Older Americans are increasingly turning to bankruptcy to help alleviate their financial burdens. Reduced income, increased healthcare costs and lack of savings are all issues that are fueling the increase. New research from the Consumer Bankruptcy Project shows that those over 65 are filing for bankruptcy at a rate three times more than 30-years ago. And those nearing retirement age are also filing for bankruptcy in larger numbers. The study points to a shift of financial risk from government entities and employers to individuals who may not have access to adequate resources.
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