Bankruptcy and the Elderly
A reader explains why today’s senior citizens are particularly vulnerable.
To the Editor:
Re “Bankruptcy Booms Among Older Americans as Safety Net Frays” (front page, Aug. 6):
A downside for senior citizens whose circumstances caused them to file for bankruptcy not mentioned in the article is the loss of dignity they experience, unlike businesses that see bankruptcy as a wise business decision to protect them against creditors.
Also not mentioned is the possibility to tap into the equity in one’s home to avert bankruptcy and provide income through reverse mortgages administered by the federal government.
Social Security, intended to provide senior citizens with the opportunity to avoid the economic consequences that prevail today, is inadequate and further threatened by the attitudes of certain members of Congress and the executive branch.
John A. Viteritti