Wednesday, August 25, 2010

Average Age of Someone Filing Bankruptcy 44.9 years old

Although younger to middle-aged individuals appear to carry more debt - including student and mortgage loans, credit card balances and auto financing - a new report reveals that more older Americans are filing for bankruptcy. According the American Bankruptcy Institute Journal, individuals aged 55 and older are becoming the fastest-growing demographic to file.

The report, Aging and Bankruptcy Revisited, shows that middle-aged Americans are still the largest age group to file. However, older generations who are seeking this type of debt relief rose 61 percent between 2002 and 2007.

In addition, the report noted that the age of those filing has also increased, revealing that the median age increased from 41.4 years in 2002 to 44.9 years in 2007. While the age of those filing grew between 2002 and 2007, younger generations saw a decline in the prevalence of filings during that same period. The number of individuals under the age of 25 who filed for bankruptcy declined from 4 percent in 2002 to 1.7 percent in 2007.