Massive Bankruptcy Spike For Those 65 Years and Older Survey Shows

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(KNX 1070) -- Some shocking new results ... in a survey looking at the number of older Americans facing bankruptcy 

It shows that the number of people 65-plus filing for bankruptcy now is 5 times higher than it was in 1991.

The lead author behind the research is Debra Thorne of the Consumer Bankruptcy Project. She says for so many seniors, bankruptcy is a short-term solution to a long-term problem.

She also points out that Americans are now less likely to retire with a private pension,  and more likely to carry mortgage and credit card debt into their 60s and 70s.