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Growing number of baby boomers face bankruptcy as retirement approaches

Ever since the housing crisis erupted, a large amount of ink has been used on the housing market and foreclosures. Cincinnati bankruptcy attorneys are aware that the market forces have affected much more than housing. Many baby boomers are experiencing trepidation over whether their retirement savings will be sufficient to cover their golden years.

The stock market has faltered and many pension plans have suffered; some pension plans have been reduced or have gone away altogether. Lower market values on homes for people near retirement have also caused concerns for baby boomers who may have been relying on the home as a nest egg.

According to a recent study by the Employee Benefit Research Institute, 45 percent of baby boomers are at risk of running short of funds during their retirement. Twenty-five percent of working baby boomers exhausted all of their savings during the recession. Other workers have lost their jobs and are struggling to find new positions.

Due to the state of the economy, many older Americans are looking to bankruptcy protection as debts have mounted in recent years. Some Ohioans may view bankruptcy negatively after years of hard work. However, bankruptcy can give people a fresh start and a new beginning. Bankruptcy offers people protection from their creditors, including protection from collection activity and foreclosures.

Not every person's financial structure fits into any single box. Each case is unique. An experienced bankruptcy attorney can review an individual financial situation and help to answer questions about the options available under the bankruptcy code.

Source: USA Today, "Baby Boomers fear outliving retirement savings," Christine Dugas 25 May 2011

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