According to recently released statistics, "baby boomers" make up a large percentage of bankruptcy filers in the United States.  A recent study by the American Bankruptcy Institute's ABI Journal shows that 42% of people who have filed for bankruptcy protection in the year 2007 were between the ages of 45 and 64.  In other words - baby boomers.

Additionally, baby boomers are seeking bankruptcy protection faster than any other age group with the number of filers in this demographic rising from 65% between the years 2002 to 2007.  The study shows that bankruptcy filings amongst younger generations dropped by 60%.

You may be wondering why this particular age group is filing for Chapter 7 and Chapter 13 so frequently.  The answer is that high unemployment, increased cost of living and higher health care costs are all wreaking havoc on people's finances - especially amongst the baby boomer demographic.

Thinking about pursuing bankruptcy in Houston?  If so, contact the Malaise Law Firm and get help from a Houston bankruptcy lawyer.