Low income, no assets, large credit-card debt: why more older Australians are declaring bankruptcy
- Written by Ian Ramsay, Professor, Melbourne Law School, University of Melbourne
More than 40% of older people declaring bankruptcy owe more than A$20,000. Fewer than 10% own their own homesShutterstock
Bankruptcy is affecting more and more older people.
About 2,400 of the almost 17,000 new bankruptcies in Australia in 2017-18 were aged 60 or more, information from the bankruptcy regulator suggests. Since 2002 the proportion of...