Even those born during the depression are finding this economy's downturn
hard to bear. According to an article in the Associated Press the elderly
are succumbing to bankruptcies as they face a rapidly rising cost of living.
Elizabeth Warren, a Harvard Law School professor who was one of the authors
of the study explains:
"Older Americans are hit by a one-two punch of jobs and medical problems
and the two are often intertwined. They discover that they must work to
keep some form of economic balance and when they can't, they're
That's precisely what happened to Noda. She worked all her life, on
a hospital's housekeeping staff, and later selling boat tickets to
tourists. She cut corners when she needed to but always paid the bills
she neatly logged in a ledger.
"I was born during the Depression," she said. "I paid the
bills whether I ate or didn't, whether I went to the doctor or not."
It all worked fine for Noda, a widow for 23 years, until she was forced
to undergo double-bypass surgery and deal with respiratory problems. She
started using two credit cards more frequently for food and bills. Before
long, she was $8,000 in debt and behind on car payments.
Caught in a Rock and a Hard Place
Noda is not alone. According to Consumer Bankruptcy Project people over
65 years old are more than twice as likely to file for bankruptcy. But
unfortunately because of their values and upbringing many seniors attempt
to battle mounting debt even after it's clear that doing so will jeopardize
their wellbeing, as noted by Noda who would rather not eat than allow
a bill to go unpaid. It is so important for us to remind ourselves that
bankruptcy is here to help those who need debt relief. And when you must
choose between eating and paying your bills, then that debt relief is
Contact a Skilled Bankruptcy Lawyer in Dallas
Allmand Law is equipped to help you pursue financial empowerment! If you
or a loved one are struggling to make ends meet, contact our
Dallas bankruptcy attorney today and
schedule a free consultation.