Facing mounting medical expenses and insufficient savings, a growing number of seniors are falling into credit-card debt and spending their golden years in the red. Over the past decade, that’s led to a spike in bankruptcies among older Americans, according to a recent study by John Pottow, a law professor at the University of Michigan. He found that people ages 55 and over now account for more than 20 percent of all bankruptcies in the United States, compared with roughly 12 percent in 2001.
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