Baby Boomers Account for Nearly Half of Bankruptcies Filed

Aging and Bankruptcy, Revisited, September 2010 issue of the American Bankruptcy Institute Journal

  • “The median age for bankruptcy petitioners increased from 37.7 years in 1994 to 41.4 years in 2002 to 44.9 years in 2007. Bankruptcy petitioners over the age of 45 constituted 27 percent of filers in 1994, 39 percent in 2002, and 50 percent in 2007. That middle-age filers have come to account for an increasing percentage of overall filers means that “baby boomers”—those who attained the ages of 43 through 61 during 2007—are disproportionately represented in bankruptcy proceedings. Several indicators show this age group to be facing financial difficulties, including an increase in the ratio of debt payments to family income for those aged 45 and above. The ratio declined for those under 45. From 2004 to 2007, the percentage share of families with a debt ratio of at least 40 percent rose fastest for those over 45. Additionally, 28 percent of all mortgage delinquencies and foreclosures were for persons 50 years and older.”
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