The elderly are filing bankruptcy at increasing rates because of credit card debt, according to new research. The study, by Michigan Bankruptcy Law Professor John Pottow, shows that the number of elderly filing for bankruptcy protection increased from 2.1% in 1991 to 7% in 2007. Professor Pottow, who testified before a Congressional Committee in July 2009, made news by showing that our healthcare system was bankrupting Americans, and in particular, putting elderly Americans into bankruptcy.
Pottow's research, undertaken through the Consumer Bankruptcy Project and citing Elizabeth Warren's work shows that, using a broader definition of Email This Post
