More older and educated people declaring bankruptcy

University tuition has increased 600% of the rate of inflation over the last 20 years apparently, which ties in nicely with the line "Advise them that you have limited financial means, and therefore aren't able to help them financially" from the article.
If poorer boomers are going to default on their debts it will be the 'richer' boomers who suffer. The irony of sacrificing all those years, voting in politicians who promise to scr3w the poor and in the end the house of cards falls brings down everyone, not just the people who couldn't save and tried to keep up with the house buying scam.
In a Global recession there is no safe harbour for pension and savings pots.
vive la Globalizacion !

My answer to both questions is no.

"What's troubling, of course, is that the whole concept of bankruptcy is about forging an economic fresh start. Tough to do when you're in your late 50s"

I'd say it's beyond tough. It's essentially impossible. I'm in my early 50's and out of work for the first time in my life and can not find a job. My savings are quickly evaporating and the stock market is helping to destroy what left of that. I have always lived a debt free life but am now coming to a point where I am contemplating being broke and homeless and the thought of that prospect eats away at my soul every waking moment.

I don't know if this is "Globalization" or not but I do know that the world I once knew is just a fading, distant memory and dream at this point. May god help us all because the politicians and economists certainly have better things to worry about then us, a generation who are now being thrown to the street and left to live like rats.

I turn 55 today and have been out of a job for two years. Yes, my great vaunted university engineering degree is now useless along with all my experience. People need to stop being complacent, it's time to get aggressive, even vicious and make demands of the office holders who seem to ignore our plight. Global revolution is near and when it reaches North America it will be too late to save what we have. I favor global revolution if it eliminates the globalists who favor world governance and world currency and banking system.

well i see this in a differant light
we all like to blame the out come of our financial situatiuon on others and differant circumstances. What about this you should try and be your own business and lok after your finances better. Well saying this means look after your own money and dont let someone alse do it for you ( banks,bonds,stock markets ect.
now i have weathered the storm and i dont have any degrees or education so to speak of, other then good old common sense and reading and paying attention to the world and what is going on each day
I was asstounded when i said it will come top an end in a few months and thise i said this to for the most part thought govenrments and banks et would help us out and would never let that sort of thing happen ( ressesion 2008)
the writting was on the wall and in bold print my friends
we sold assets at the peak to those wanting a piece of the pie.
we set our business in a diretion that would help us out should a resession come about

stop blaming the short falls of the economy on others and the short fall of funds on everyone else
most people want it all now and want it on credit
buy now pay later for most stuff
think of all the money saved if you didnt use credit and have to pay interest to all those companies out there takeing all your money
dont try to keep up or pass the jones' out there and stop tring to be someone else that your not by purchasing stuff you dont need on credit
well i have beat a few of you up saying this, but i hope that is helps you more by using less credit and invest in your own stuff not someone elses stuff.
I am alomost 50 and would not hesitate to start a small business based on a bit of study and knowing what my market is and make a new start
50 and over doesnt mean life is over nor is your working career
get off your butt and do something . Im starting a new business here in a very short whikle in a whole new town with no contacts or people to help me.
If i can do this with little education so to speak of besides high school, those with all the schooling should be able to better them I , and be more sucessful at it
go do it

Reality is that many companies will not hire older workers, and they bear the brunt of the restructuring due to outsourcing. At the same time, graduates or younger workers in general are told they lack the experience. Then the ranks of those still eligible for consideration are told they may have experience, but not with the right version of the right software (or some other rediculous argument) that eliminates most of the remaining candidates. Obviously, outsourcing is the only alternative, because you can hide behind companies that lie about the education, experience, and competency of their work force. But that is fine, it is a breach of contract, although it is too bad that you cannot make a claim stick if the work is done overseas. We just need to tighten the credit available to those that were shown the door domestically, to demonstrate financial prudence. We may elect conservative governments around the world, but all they conserve is their future board memberships, the massess can go to hell. The newspapers are overflowing with accounts of people in trouble. Now, what exactly did you want to know about how bankruptcy has hit close to home and troubled times getting worse when you grow older?

Are you kidding me as a GM retiree My Cost of Living increases were taken away by the public outcry as I had retired in 1994 it amounted to $32.00 a month in 2007. I was promised in 1961 I would have an untouchable Pension as in 1970 GM had 19 billion in the retirement fund. The UAW let General Motors use it then to Buy Hughes EDS and start Saturn as well as 3.4 Billion used in Canada for the presses in Oshawa. This Government made the CAW take our PCOLA away until 2015 with no hope the UNion Government or General Motors will give it back to 37,000 retirees . But look on the other side in 1990 retirees lived 17 months and General Motors was free of paying pensions if Bankruptsy screws the Government then let it rip.

we are currently considering the state of our own affairs... we are both very near workaholics my husband and i. he's taken 4 vacations in the last 30 years. we run our own business... have all along and we are clawing to hold onto it. the cost of everything has gone through the roof. we have not increased our shop rate more than 5 bucks in the last 15 years. it's not covering costs and our patrons cannot afford to pay more.... so what do we do??? is it easier just not to own anything or work for anything??? in the long run i am seeing that renters and folks working for a paycheck may not have a lot... did not have to spend everything they had for something they will never own... and have nothing to fear losing and are actually enjoying life. the stupid idea of working for yourself and making the dream happen was some one obviously smoking a lot of pot. our taxes are now more than our mortgage was. we will have to work till we die to pay them or sell.
i don't know...