America’s Seniors In Debt: A Growing Problem

This article, published in Forbes, discusses America’s Seniors In Debt: A Growing Problem. If you or your loved ones are concerned about this scenario, please contact me.

Seniors in America are carrying more debt than ever before, and the trend is worsening the ongoing retirement crisis.

How much money are we talking about? A 2019 Congressional Research Service report found that the percentage of elderly households—those led by people aged 65 and older—with any type of debt increased from 38% in 1989 to 61% in 2016. The amount owed jumped from about $7,500 to more than $31,000 (2016 dollars).

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On Saturday, March 27, 2021 President Biden SIGNED H.R. 1651 into law.

H.R. 1651 extends for one year all of the bankruptcy-related provisions that were included in the CARES Act passed on March 27, 2020. These provisions will now expire on March 27, 2022. This includes the ability of a chapter 13 debtor to modify and extend a chapter 13 plan to a term of up to 7 years if needed, due to COVID-19 connected economic hardship. The bill also makes all debtors with chapter 13 plans that were confirmed by March 27, 2021 eligible for this relief.

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