The period from Halloween to New Year’s Day is exciting for most families. After all, November and December provide many opportunities to connect with relatives and build memories. Unfortunately, January often brings more than just fresh snow.
Bankruptcies on the rise for older adults
Older adults in New York are more likely to have to declare bankruptcy than in previous decades. People 65 and older now make up 12% of people filing for bankruptcy compared to about 2% in 1991. Between 1991 and 2016, there was a 66% increase in people between the ages of 55 and 64 filing for bankruptcy. For people aged 65 to 74, it was a 204% increase.
