Definition of bankruptcy

  A recent trend is that older debtors are beginning to file bankruptcy with more frequency. The rate is more than double what it was in the early 1990s. The rate of debtors over the age of 65 filings for bankruptcy increased over 200% from 1991 to the present. The cause of this increase is the medical bills as well as the lower incomes they receive and the nationwide decline in pension, retirement pay, and interest rate earned on money saved or the death of a spouse. Many resort to living with their children or doing without necessities to pay their bills. Medicare does pay some health care costs, but it does not cover extensive care, hearing aids, dental procedures, eye exams, foot care, and some other treatment. Sometimes there are co-pays, coinsurance, and deductibles. The skyrocketing medical costs are just too much. Sometimes Churches, friends, or family will help. However, once they get behind on their bills, the constant calls from bill collectors are just too stressful and t

According to a report published on the US Court Government website on October 31, 2018, bankruptcy filings fell by 2.2 percent for the 12-month period ending September 30, 2018, compared with the year ending September 30, 2017.  The September 2018 annual bankruptcy filings totaled 773,375, compared with 790,830 cases in the previous year, according to statistics released by the Administrative Office of the U.S. Courts. The number of bankruptcy cases filed was the lowest for any 12-month period since the year ending June 2007. A national wave of bankruptcies that began in 2008 reached a peak in the year ending September 2010, when nearly 1.6 million bankruptcies were filed. Total Bankruptcy Filings By Chapter Year                                           Chapter 7                  11               12                       13 2018        477,248        7,014         468            288,550 2017        486,542       7,052         508            296,599 2016        498,367