By: Mark Miller
Soaring credit card debt and medical expenses sparked a major increase in the number of older Americans filing for bankruptcy in recent years.
A study of bankruptcy filings found that the average age of bankruptcy petitioners is rising, with the sharpest increase among those over age 55.
While older people account for a relatively small share of overall bankruptcy filings, the rates of increase are dramatic. For example, from 1991 to 2007, the percentage of bankruptcy petitioners age 65-74 rose 178 percent.