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"Their Wealth Has Vanished": Baby Boomers File For Bankruptcy In Droves

By MrMagic following x   2018 Aug 6, 6:42pm 610 views   46 comments   watch   sfw   quote     share    


Yep, those Baby Boomers extracted all that wealth from the economy and are living in Paradise... Oh, wait...

An alarming number of older Americans are being forced into bankruptcy, as the rate of people 65 and older who have filed has never been higher - at three times what it was in 1991, while the rate of bankruptcies among Americans age 65 and older has more than doubled, according to a new study by the The Bankruptcy Project.

“When the costs of aging are off-loaded onto a population that simply does not have access to adequate resources, something has to give,” the study says, “and older Americans turn to what little is left of the social safety net — bankruptcy court.”

“The people who show up in bankruptcy are always the tip of the iceberg,” said Robert M. Lawless, an author of the study and a law professor at the University of Illinois.


*
What isn't helping is that many older parents report that helping their children contributed to their bankruptcies. Seattle bankruptcy attorney Marc Stern says he's seen parents co-sign loans for $10,000 or $20,000 for their kids, only to find themselves on the hook when their offspring couldn't service the debt.

Others parents had had co-signed their children’s student loans. “I never saw parents with student loans 20 or 30 years ago,” Mr. Stern said.

“It is not uncommon to see student loans of $100,000,” he added. “Then, you see parents who have guaranteed some of these loans. They are no longer working, and they have these student loans that are difficult if not impossible to pay or discharge in bankruptcy, and these are the kids’ loans.”

https://www.zerohedge.com/news/2018-08-06/their-wealth-has-vanished-baby-boomers-filing-bankruptcy-droves

Comments 1 - 40 of 46    Next »    Last »

1   P N Dr Lo R   ignore (0)   2018 Aug 6, 6:58pm   ↑ like (5)   ↓ dislike (0)   quote        

And that's the generation that rejected their parents' values 50 years ago for "alternatives"! The joke is on them!
2   Booger   ignore (1)   2018 Aug 6, 7:03pm   ↑ like (5)   ↓ dislike (0)   quote        

Only a moron retires with any amount of debt.
3   lostand confused   ignore (0)   2018 Aug 6, 7:03pm   ↑ like (1)   ↓ dislike (0)   quote        

I think student loans should be limited to fields that have a shot at jobs-like engineering, medical, nursing or even blue collar jobs. is that racist.
4   Booger   ignore (1)   2018 Aug 6, 7:04pm   ↑ like (5)   ↓ dislike (0)   quote        

lostand confused says
I think student loans should be limited


Student loans should be outlawed.
5   Quigley   ignore (0)   2018 Aug 6, 7:14pm   ↑ like (7)   ↓ dislike (0)   quote        

Certainly there needs to be a restriction against student loans being used for worthless “studies” sorts of classes. We need to save the “women’s studies” majors from their own idiocy.
In the past, when a family had a dullard for a daughter, they’d quietly marry her off and let her husband guide her through life. Now that same poor girl winds up saddled with student loans, unemployable for any decent job, and aging out of marriage options while she marches with a pussy hat on for “women’s rights.” Then she adopts a few dozen cats in her later years, marries her “best friend” who’s a fat ugly divorcee bitch with a grown up kid, and rants about white male privilege on Facetwat.
6   MrMagic   ignore (11)   2018 Aug 6, 7:19pm   ↑ like (3)   ↓ dislike (0)   quote        

Booger says
Student loans should be outlawed.


Stupid parents that tap their home equity or retirement accounts to pay for their kids college, or for that matter, any parent that signs as a co-signer on a college loan for their kids should be euthanized.
7   MrMagic   ignore (11)   2018 Aug 6, 7:23pm   ↑ like (3)   ↓ dislike (0)   quote        

lostand confused says
I think student loans should be limited to fields that have a shot at jobs-like engineering, medical, nursing or even blue collar jobs. is that racist.


They need to be taught better math skills in high school, not the Liberal bullshit that gets pushed as math. Knowing if their investment in a school loan can bring a decent return on the investment show be task one for these math teachers. Unfortunately, they get their twisted math education from, well, you know who...
8   FortWayne   ignore (2)   2018 Aug 6, 7:36pm   ↑ like (3)   ↓ dislike (0)   quote        

We spend billions helping illegals paid by working class. Boomers and next gen been paying, subsidizing illegals and welfare lazy socialists.
9   Strategist   ignore (1)   2018 Aug 6, 7:36pm   ↑ like (1)   ↓ dislike (0)   quote        

MrMagic says
What isn't helping is that many older parents report that helping their children contributed to their bankruptcies. Seattle bankruptcy attorney Marc Stern says he's seen parents co-sign loans for $10,000 or $20,000 for their kids, only to find themselves on the hook when their offspring couldn't service the debt.

Others parents had had co-signed their children’s student loans. “I never saw parents with student loans 20 or 30 years ago,” Mr. Stern said.

“It is not uncommon to see student loans of $100,000,” he added. “Then, you see parents who have guaranteed some of these loans. They are no longer working, and they have these student loans that are difficult if not impossible to pay or discharge in bankruptcy, and these are the kids’ loans.”


So what's the problem with BK? They end up not having to pay off big student loans, and they can charge up their credit cards and include them in the BK. Their problem now becomes the bank's problem.
10   Strategist   ignore (1)   2018 Aug 6, 7:38pm   ↑ like (4)   ↓ dislike (0)   quote        

Strategist says
So what's the problem with BK? They end up not having to pay off big student loans, and they can charge up their credit cards and include them in the BK. Their problem now becomes the bank's problem.


I have no sympathy for banks that charge 29% interest.
11   lostand confused   ignore (0)   2018 Aug 6, 7:42pm   ↑ like (3)   ↓ dislike (0)   quote        

Strategist says
They end up not having to pay off big student loans, and they can charge up their credit cards and include them in the BK. Their problem now becomes the bank's problem.

I think student loans cannot be discharged in bankruptcy.
12   Strategist   ignore (1)   2018 Aug 6, 7:42pm   ↑ like (3)   ↓ dislike (0)   quote        

FortWayne says
We spend billions helping illegals paid by working class. Boomers and next gen been paying, subsidizing illegals and welfare lazy socialists.

Now that is a major problem we face.

MrMagic says
They need to be taught better math skills in high school

If our math teacher here reads this, he will laugh like hell, and recommend a pay raise for teachers.
13   Strategist   ignore (1)   2018 Aug 6, 7:43pm   ↑ like (1)   ↓ dislike (0)   quote        

lostand confused says
Strategist says
They end up not having to pay off big student loans, and they can charge up their credit cards and include them in the BK. Their problem now becomes the bank's problem.

I think student loans cannot be discharged in bankruptcy.


They can't, but the article seems to imply cosigners can.
14   MrMagic   ignore (11)   2018 Aug 6, 7:58pm   ↑ like (2)   ↓ dislike (0)   quote        

lostand confused says
I think student loans cannot be discharged in bankruptcy.


True

Strategist says
They can't, but the article seems to imply cosigners can.


I think the article implies they file BK because they can't pay ALL their bills. They still end up stuck with the school loan until they take a dirt nap.
15   MrMagic   ignore (11)   2018 Aug 6, 7:59pm   ↑ like (2)   ↓ dislike (0)   quote        

Strategist says
If our math teacher here reads this, he will laugh like hell, and recommend a pay raise for teachers.


Then blame it on Trump.
16   Ceffer   ignore (1)   2018 Aug 6, 8:10pm   ↑ like (1)   ↓ dislike (0)   quote        

Caligulan Splendor isn't cheap.
17   Strategist   ignore (1)   2018 Aug 6, 8:12pm   ↑ like (2)   ↓ dislike (0)   quote        

MrMagic says
lostand confused says
I think student loans cannot be discharged in bankruptcy.


True

Strategist says
They can't, but the article seems to imply cosigners can.


I think the article implies they file BK because they can't pay ALL their bills. They still end up stuck with the school loan until they take a dirt nap.


OK, makes sense. I think parents cosigning for a lower interest rate for a child who is not responsible, or in the right major is a mistake.
Sadly, emotions can take precedence over rational thought.
18   DASKAA   ignore (3)   2018 Aug 6, 8:15pm   ↑ like (0)   ↓ dislike (1)   quote        

lostand confused says
Strategist says
They end up not having to pay off big student loans, and they can charge up their credit cards and include them in the BK. Their problem now becomes the bank's problem.

I think student loans cannot be discharged in bankruptcy.


Hence the idea to replace student debt with some other kind of debt which is dischargeable.
19   Strategist   ignore (1)   2018 Aug 6, 8:17pm   ↑ like (2)   ↓ dislike (0)   quote        

MrMagic says
Strategist says
If our math teacher here reads this, he will laugh like hell, and recommend a pay raise for teachers.


Then blame it on Trump.


Damn Trump. It's obvious he is responsible for the lousy math and reading skills. A democrat would have solved the problem in one year.
20   FortWayne   ignore (2)   2018 Aug 6, 8:25pm   ↑ like (0)   ↓ dislike (0)   quote        

If student debt wasn’t backed by taxpayers, It can be discharged?
21   Strategist   ignore (1)   2018 Aug 6, 8:47pm   ↑ like (1)   ↓ dislike (0)   quote        

Hassan_Rouhani says
lostand confused says
Strategist says
They end up not having to pay off big student loans, and they can charge up their credit cards and include them in the BK. Their problem now becomes the bank's problem.

I think student loans cannot be discharged in bankruptcy.


Hence the idea to replace student debt with some other kind of debt which is dischargeable.


I remember reading an article that indicates why student loans cannot be discharged in a BK. The example was of a medical student, who after graduating goes before a BK judge, and states the shirt on his back is all he has. He ends up with a free expensive education, even though he has the earning capacity to easily pay off the loan in the near future.
22   MrMagic   ignore (11)   2018 Aug 6, 8:52pm   ↑ like (1)   ↓ dislike (0)   quote        

Hassan_Rouhani says
Hence the idea to replace student debt with some other kind of debt which is dischargeable.


Hence, don't take on the debt in the first place. There's ways to get a degree without taking on hardly any debt.
23   clambo   ignore (4)   2018 Aug 6, 8:53pm   ↑ like (1)   ↓ dislike (0)   quote        

I don't know any broke boomers.
24   MrMagic   ignore (11)   2018 Aug 6, 8:54pm   ↑ like (0)   ↓ dislike (0)   quote        

FortWayne says
If student debt wasn’t backed by taxpayers, It can be discharged?


Sort of, if planning on filing BK to get rid of school debt, it would have to be on a credit card, personal loan, or something similar, not guaranteed by the govt.
25   MrMagic   ignore (11)   2018 Aug 6, 8:55pm   ↑ like (0)   ↓ dislike (0)   quote        

clambo says
I don't know any broke boomers.


Sadly, I know a bunch, or maybe not broke now, but right on the edge, and don't have the financial savings to retire.
26   Tenpoundbass   ignore (11)   2018 Aug 7, 4:28am   ↑ like (3)   ↓ dislike (0)   quote        

Impossible they are all billionaires and have been keeping all of the Patnet Millennials from the riches they so rightfully deserve.
27   FPBT   ignore (2)   2018 Aug 7, 4:52am   ↑ like (0)   ↓ dislike (1)   quote        

Booger says
lostand confused says
I think student loans should be limited


Student loans should be outlawed.


No they shouldn't. Not being able to discharge student loans in bankruptcy should be outlawed.
28   CBOEtrader   ignore (2)   2018 Aug 7, 6:30am   ↑ like (1)   ↓ dislike (0)   quote        

It'd be interesting to know more about the bankruptcy numbers. Look at the improvement for young people over the same period of time?!

My best guess is its healthcare costs. I just took about 30 hours of certifications for medicare. Accoding to their numbers, over half of all long term care is paid for by medicaid. Considering that most seniors start LTC with their own funds, then move to Medicaid once they are broke, one can assume that well over half of seniors die as wardens of the state.
29   HeadSet   ignore (1)   2018 Aug 7, 7:14am   ↑ like (2)   ↓ dislike (0)   quote        

No they shouldn't. Not being able to discharge student loans in bankruptcy should be outlawed.

Strongly disagree. Encouraging even more irresponsible borrowing would just raise college prices for the responsible people who saved/worked to pay for school. I like the idea of no student loans at all, which would mean college prices would have to fall to be affordable by sponsorships, work study, and savings. Also would encourage cost saving measures such as courses that do not need labs to be taught through on-line A/V enhanced lectures followed by proctored tests. As it is now, colleges waste incredible sums on College Presidents building monuments to themselves adding infrastructure. Even with high endowments they keep raising tuition at a rate that exceeds general inflation. Easy finance is never the answer to affordability.
30   TrumpCuck   ignore (0)   2018 Aug 7, 7:17am   ↑ like (0)   ↓ dislike (1)   quote        

MrMagic says
"Their Wealth Has Vanished": Baby Boomers File For Bankruptcy In Droves


According to the graph posted by the OP, the boomers have the lowest bankruptcy filing rate of any age group save 18-24 (who haven't had time to accumulate debt yet). The graph shows less that 0.4% bankruptcy rate for Boomers.

Guess y'all missed that and went straight to the Boomer Bashing ;)
31   zzyzzx   ignore (1)   2018 Aug 7, 7:18am   ↑ like (1)   ↓ dislike (0)   quote        

FPBT says

No they shouldn't. Not being able to discharge student loans in bankruptcy should be outlawed.


Which is pretty much the same as banning student loans, since nobody will be dumb enough to lend money for school if it can be discharged in bankruptcy.
32   TrumpCuck   ignore (0)   2018 Aug 7, 7:21am   ↑ like (0)   ↓ dislike (2)   quote        

Booger says
Student loans should be outlawed.


More words of wisdom from the Meme Brigade.

33   DASKAA   ignore (3)   2018 Aug 7, 8:23am   ↑ like (0)   ↓ dislike (0)   quote        

MrMagic says
Hassan_Rouhani says
Hence the idea to replace student debt with some other kind of debt which is dischargeable.


Hence, don't take on the debt in the first place. There's ways to get a degree without taking on hardly any debt.


This advice is kinda late for the people already in the hole.
34   MrMagic   ignore (11)   2018 Aug 7, 9:40am   ↑ like (0)   ↓ dislike (0)   quote        

CBOEtrader says
It'd be interesting to know more about the bankruptcy numbers. Look at the improvement for young people over the same period of time?!


The young people are in better shape because mommy and daddy are paying all their bills (which is why BK is up for them). The parents are paying for school, paying for their cars, paying their cell phones, giving them allowance. It's tough to declare BK while living in mommy's basement with everything provided for you.
35   MrMagic   ignore (11)   2018 Aug 7, 9:41am   ↑ like (0)   ↓ dislike (0)   quote        

Hassan_Rouhani says
MrMagic says
Hassan_Rouhani says
Hence the idea to replace student debt with some other kind of debt which is dischargeable.


Hence, don't take on the debt in the first place. There's ways to get a degree without taking on hardly any debt.


This advice is kinda late for the people already in the hole.


Maybe the knuckleheads here who have kids in high school might wake up and do some research before signing their life away.
36   MrMagic   ignore (11)   2018 Aug 7, 9:48am   ↑ like (1)   ↓ dislike (0)   quote        

CBOEtrader says
My best guess is its healthcare costs.


You win!

...."The questionnaire asked filers what led them to seek bankruptcy protection. Much like the broader population, people 65 and older usually cited multiple factors. About three in five said unmanageable medical expenses played a role. A little more than two-thirds cited a drop in income. Nearly three-quarters put some blame on hounding by debt collectors.

The study does not delve into those underlying factors, but separate data provides some insight. The median household led by someone 65 or older had liquid savings of $60,600 in 2016, according to the Employee Benefit Research Institute, whereas the bottom 25 percent of households had saved at most $3,260. -NYT"


Medical situations is a BIG part of this, and it's going to get worse, as more people are fat and overweight, which just leads to more medical issues down the road.

How many of these leading causes of death are attributed to poor diets, lack of exercise and generally not taking care of your self?

37   Tenpoundbass   ignore (11)   2018 Aug 7, 11:11am   ↑ like (0)   ↓ dislike (0)   quote        

Terrorism can create and exacerbate many of those other conditions at the top.
38   NuttBoxer   ignore (2)   2018 Aug 7, 11:19am   ↑ like (0)   ↓ dislike (0)   quote        

What's wrong with them, the economy is better than ever! Everything valued in fiat currency will only continue to go higher, FOR ever!!
39   MrMagic   ignore (11)   2018 Aug 7, 11:39am   ↑ like (0)   ↓ dislike (0)   quote        

Tenpoundbass says
Terrorism can create and exacerbate many of those other conditions at the top.


Like what, fear of cheeseburgers... so you have to eat them to make them go away?
40   Tenpoundbass   ignore (11)   2018 Aug 7, 12:08pm   ↑ like (0)   ↓ dislike (0)   quote        

MrMagic says
Like what, fear of cheeseburgers... so you have to eat them to make them go away?


You have EU Gloablists importing rapeugees and if you speak out or report it, you go to Tommy Robinson Prison.
That can be a strain the heart.

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