Older Americans in Texas and throughout the country are filing for bankruptcy more often than they have in past years. Individuals between the ages of 65 and 74 comprise 8 percent of all bankruptcy filings. This is an increase of 1 percent since 2008, and many people in this age group are filing because of medical debt. In addition to higher health care costs, a lack of financial literacy may also play a role in whether an older person files for bankruptcy.
Those who have late or missed debt payments may hear from debt collectors. According to the Consumer Financial Protection Bureau, debt collection tactics were among the most common complaints of people over the age of 62. In some cases, an older person may find both emotional and financial relief by filing for bankruptcy. Some individuals have even managed to save their marriages because they were able to take care of their outstanding debts.