The New York Times recently published a somewhat discouraging article about the difficulty older workers are having finding jobs following the “Great Recession.” According to the article, it takes workers over 50 almost a full year to find a new job, compared to about 20 weeks for 16 to 24 year olds.
Further, less than half of laid off workers between the ages of 55 and 64 are finding jobs at all, and less than 25% of workers over the age of 65 are finding work.
Those workers who do find jobs often do so for less money and a recent Supreme Court decision [The Supreme Court ruled in 2009 that the Title VII framework does not carry over to age-bias lawsuits. This case was Gross v. FBL Financial Services, Inc. - you can read more about it here.] which makes it more difficult for an older plaintiff to recover damages for age discrimination.
You may be asking “what do these statistics have to do with filing bankruptcy?”
I think that this bleak job picture for job seekers over the age of 50 should encourage those within that age group who are in debt to be more open to the possibility of filing bankruptcy.
If you have worked your entire life, paying your bills without asking for help, the idea of filing bankruptcy may seem foreign and very distasteful. This viewpoint is legitimate and understandable.
However, the reality of today’s job market suggests that if you are 50+ and laid off, you will find it more difficult to find a good paying job quickly. And before you run through your savings or raid your 401(k), you should speak to a bankruptcy lawyer to at least consider a bankruptcy option.
I have met with far too many clients who came to me after liquidating their savings and retirement plans. The bankruptcy law allows you to protect some or all of your savings and all of your retirement money in most cases.
So, would you rather find yourself post bankruptcy but debt free with money in a savings account and your retirement plan intact, or flat broke with nothing in savings, nothing in your retirement plan, tax debts arising from the early liquidation of your retirement plan, and daily harassment from debt collectors.
If I can help you learn more about your bankruptcy and non-bankruptcy options, please contact me using this form or call me at 770-393-4985.