Bankruptcy Filings for Older Floridians Increase
Florida has seen bankruptcy filings for older Floridians increase in recent years. A bankruptcy filing is the term used when an individual or company cannot repay their debts and asks a Court for relief. A Jacksonville Bankruptcy Petition filed with the Court begins the bankruptcy filing. Older Floridians refer to individuals who are 65 or older and primarily live in Florida.
Bankruptcy filings for older Floridians have tripled over the last 25 years. This is a trend seen across the entire U.S. In 1991, only 1.2 out of every 1,000 Americans between ages 65 and 74 filed bankruptcy. By 2016, that increased to 3.6 out of every 1,000 Americans. Interestingly, while bankruptcy filings have increased for older Americans, bankruptcy filings have decreased among young Americans.