KISSIMMEE -- Elderly Americans have been filing for bankruptcy more than any other age group in the U.S. Medical bills, credit card payments and mortgages have become simply too much for a lot of seniors.
The American Association of Retired Persons released a new study that showed the rate of personal bankruptcy filings among those ages 65 or older jumped by 150 percent from 1991 to 2007, and the rate of seniors ages 75 to 84 jumped an astounding 433 percent.
Melvin Berman, 78, a retired post office worker in Osceola County, said he did not know what to do. Almost seven years ago, he filed for bankruptcy, but his debt has continued climbing.
Berman told News 13 he was two months behind on his mortgage payments, and could barely afford to pay his electric and grocery bills. His pension just is not enough anymore.
"You work all your life, and you want to have a nice retirement, and what happens when you do retire? You're out of luck," Berman said.
More and more, seniors like Berman are walking through the doors of buildings like the Osceola Council on Aging, because they are in financial trouble, and do not know where to turn.
"Is bankruptcy the right choice? Should I refinance my house? Should I take a reverse mortgage? We've had a whole lot of interest in those topics by people looking to get out of a problem," said Debi Wood, with the the Osceola Council on Aging.
Wood says there are solutions, including what Berman did: He contacted his local senior resource center.
"There's no end to it," Berman said. "If I could see the end of the rainbow, where it could help me, it would be better."
If you need help, you can get more information on where to turn by calling 211. Just ask the operator for your local senior resources, or financial assistance, and they can direct you to the appropriate person.
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