As New Jersey residents age, they are taking more and more debt into retirement than in the past. Some of those people are not able to pay the debts that have followed them into their later lives. As a result, it is possible that more seniors are eligible to file for bankruptcy.
Those reaching retirement age are not only dealing with credit card, mortgage or even student loan debt. As healthcare needs increase, so do the amount of medical bills that need to be paid. Many older New Jersey residents are not able to pay those bills now that they are on a fixed income. In addition, as family members begin to pass away, they may have unpaid bills that debt collectors insist should be paid by surviving family members. In most cases, however, the debts of deceased loved ones are not the responsibility of surviving family members.