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Posted: 8/6/2018 9:18:23 AM EDT
[#1]
Quote HistoryQuoted:
Probably bankruptcies due to medical expenses. Very common. |
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Posted: 8/6/2018 9:18:40 AM EDT
[#2]
Quote HistoryQuoted:
Not much going on with Gen X? Must be too busy working. |
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Posted: 8/6/2018 9:20:27 AM EDT
[#3]
I hate to say this but I know several people who have hit retirement age that decided that the best way to they can go into their retirement is declare bankruptcy and get rid of all their bills. I was told by bankruptcy lawyer one time that more people over 60 file for bankruptcy.
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Posted: 8/6/2018 9:23:36 AM EDT
[#4]
Quote HistoryQuoted:
Millenials are living with their parents and a higher percentage of boomers are bankrupt. Millenials don't want to work and boomers spent too much or didn't earn enough. At least the boomers worked.  Ultimate excuse makers 
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Posted: 8/6/2018 9:23:47 AM EDT
[#5]
Are you aware that there are people in this world that have a severe medical condition which causes them to declare bankruptcy? My mother for instance is one of those people. She is a truck driver that has bad knees and a bad back from driving the truck but you probably do not care about that case either. Oh well I am not one of those people I am 6'4" 245lbs and I exercise every day. I would love to see you say something like that to my mother in front of me. Probably never happen though you are probably just an internet tough guy. I doubt very seriously you would say that to someones face. Just my thought. What do you think. Oh I am sorry you probably do not have a brain. I on the other hand will be happy to buy you a plane ticket to come here and see if you have the nerve to say that to someone I know.
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Posted: 8/6/2018 9:25:54 AM EDT
[#6]
Quote HistoryQuoted:
I still can't believe that some old folks don't carry supplement insurance. I guess I shouldn't be surprised as many non old folks are to dumb to carry disability insurance. Quote HistoryQuoted:
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Probably bankruptcies due to medical expenses. Very common.
All those here throwing rocks.....I hope you live forever.  I guess I shouldn't be surprised as many non old folks are to dumb to carry disability insurance. |
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Posted: 8/6/2018 9:30:15 AM EDT
[#7]
Quote HistoryQuoted:
The cost of the radaiton was shown at $1000 per minute. It's probably up to $1700 a minute this year. |
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Posted: 8/6/2018 9:30:25 AM EDT
[#8]
Did anyone actually look at the numbers on the charts
Baby boomers aren't the worst. Numbers, how do they work
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Posted: 8/6/2018 9:30:33 AM EDT
[#9]
Quoted:
at a higher rate than old folks of yesteryear https://www.nytimes.com/2018/08/05/business/bankruptcy-older-americans.html https://www.AR15.Com/media/mediaFiles/265139/boomer_menace-631401.JPG Not only are more older people seeking relief through bankruptcy, but they also represent a widening slice of all filers: 12.2 percent of filers are now 65 or older, up from 2.1 percent in 1991.
The jump is so pronounced, the study says, that the aging of the baby boom generation cannot explain it. What's coming down the pike?  I would think its due to medical bills for the most part Not what you youts are foaming at the mouth about.. and if you kids don't like it go back in time and take my place in Vietnam and I'll take your place here.. but wait a minute then which one of us is really typing this.
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Posted: 8/6/2018 9:31:35 AM EDT
[#10]
Let the hate flow through you!!
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Posted: 8/6/2018 9:37:05 AM EDT
[#11]
Quote HistoryQuoted: A large percentage of the population have poor money management skills. I also imagine many of these people got forced out decent jobs during the last recession and never recovered from it. Then there's medical bills and the huge cost of insurance due to O care that they never planned on. |
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Posted: 8/6/2018 9:37:55 AM EDT
[#12]
Just for reference, there are 2 kinds of individual bankruptcies: liquidation (chapter 7) and reorganization (chapter 13)
In a chapter 13, the debtor goes on a court approved repayment plan where the creditors get repaid through the debtor's earnings. In chapter 7, the debtor's debts are liquidated. Generally speaking, In either case, secured creditors who loaned on the basis of collateral will get either the collateral or the value of the collateral back. My point? It isn't quite the free for all for the debtor that a lot of you think it is |
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Posted: 8/6/2018 9:39:53 AM EDT
[#13]
Quote HistoryQuoted:
Yep, GenX generation is best generation!! Quote HistoryQuoted:
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I love baby boomer and millennial threads. This one will be juicy. 
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Posted: 8/6/2018 9:41:02 AM EDT
[#14]
Good. Eat dog food. You started this swirling vat of shit we live in.
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Posted: 8/6/2018 9:43:24 AM EDT
[#15]
Idjits who overspent, bought into the BS that housing prices will always climb and that they can use their homes as a piggy bank for equity loans to fund the lifetstyle they deserve.
No sympathy for them. I live below my means. Being raised poor does that. |
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Posted: 8/6/2018 9:44:41 AM EDT
[#16]
Quote HistoryQuoted:
I was told that you cannot do that anymore Quote HistoryQuoted:
Quoted:
Probably bankruptcies due to medical expenses. Very common. One reason why the estimates are so different is that they were done in different years. Those years were following the Great Recession. As a result, bankruptcy rates of all kinds skyrocketed. Consumer bankruptcies rose from 822,590 in 2007 to 1.5 million in 2010. Since then, they've fallen to 770,846 in 2016. That's one reason why President Obama's estimate is so high. In 2009, there were 1.4 million bankruptcies. Obama based his calculation on a 2009 Harvard study coauthored by his Assistant, Elizabeth Warren. It said 62.1 percent of all bankruptcies were because of medical bills. The researchers interviewed those who filed for bankruptcy between January and April 2007. It defined medical causes as those to include those mortgaged a home to pay medical bills. It also included those who had medical bills greater than $1,000 or lost at least two weeks of work due to illness. Several scientists criticized the researchers for being too broad in including those last two reasons. Even so, Obama's calculations were a little high. Multiply 1.4 million bankruptcies by the Harvard study's 62.1 percent, and you get 877,372 bankruptcies created by medical bills. https://www.thebalance.com/medical-bankruptcy-statistics-4154729 |
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Posted: 8/6/2018 9:48:07 AM EDT
[#17]
Quote HistoryQuoted:
You should look at gen X on the chart Quote HistoryQuoted:
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I love baby boomer and millennial threads. This one will be juicy. 
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Posted: 8/6/2018 9:51:14 AM EDT
[#18]
Quote HistoryQuoted:
Some of you people eat derp for breakfast, lunch and supper. Some spent like there was no tomorrow, Some never saved a dime. Some saved their kids from everything. Some saved but medical will eat through just about anything if you survive long enough. Last and maybe least some saved enough and are blessed with good health. My wife went through chemo and radiation 2 years ago. The cost of the radaiton was shown at $1000 per minute. I dont give a shit who you are and how well you plan, but you can't plan for that. It's probablyup to $1700 a minute this year. Had it not been for insurance it would have put a hell of a crimp on our finances and it was none to comfortable as it was. Of course most of ARF uses C notes for toilet paper. Continue on . No insult intended to those who had to make the hard decision of putting their parents in a nursing facility. We had to do that with a MIL before she burnt our house down. |
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Posted: 8/6/2018 9:52:02 AM EDT
[#19]
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Posted: 8/6/2018 9:56:07 AM EDT
[#20]
Quote HistoryQuoted: I wonder what the average Medi-gap per-month costs are now? Plan D drug coverage through Express-Scripts is $22.60 a month. I can easily afford it. |
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Posted: 8/6/2018 10:53:29 AM EDT
[#21]
Quote HistoryQuoted:
Some of you people eat derp for breakfast, lunch and supper. Some spent like there was no tomorrow, Some never saved a dime. Some saved their kids from everything. Some saved but medical will eat through just about anything if you survive long enough. Last and maybe least some saved enough and are blessed with good health. My wife went through chemo and radiation 2 years ago. The cost of the radaiton was shown at $1000 per minute. I dont give a shit who you are and how well you plan, but you can't plan for that. It's probablyup to $1700 a minute this year. Had it not been for insurance it would have put a hell of a crimp on our finances and it was none to comfortable as it was. Of course most of ARF uses C notes for toilet paper. Continue on . |
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Posted: 8/6/2018 10:54:44 AM EDT
[#22]
Quote HistoryQuoted:
Imagine that. Boomers can’t manage money |
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Posted: 8/6/2018 10:55:07 AM EDT
[#23]
If you didn’t notice, there was a pretty rough 8-10 year period not too long ago.
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Posted: 8/6/2018 11:02:16 AM EDT
[#24]
Lol. Youger generations butthurt because they aren't special and no one left them a trophy.Who cares. Quit whining and get to work.
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Posted: 8/6/2018 11:03:35 AM EDT
[#25]
All of this needs to be looked at in a case by case situation.
My parents were cops in New Jersey. My father passed away three years ago at 87 and my mother is now 84 years old. They had their pension checks and S.S. and what they had saved in normal savings accounts and bank CD's. They never invested in the stock market, even though my mom was the person who taught me how to read the stock listings in the newspaper. My father had a very easy going attitude about money, he had what he had and never cared too much to make any more. He was a disabled vet but never went back to the VA to get more money out of them, he never looked into longterm care insurance. When they sold their home, they moved into an assisted living complex, he shortly ended up in skilled nursing due to his health. The cost was $7,000 a month. Dad lasted there for close to one year, it drained their savings and took a bit hit on their net worth. Now my mom is doing ok due to their pensions but if she ends up a skilled nursing situation, she will be destroyed in the financial sense. Overall, each case has to be looked at one by one. There are too many factors out there. |
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Posted: 8/6/2018 11:05:30 AM EDT
[#26]
Quote HistoryQuoted:
My moms about to declare bankruptcy. Her house is worth about 40k, she owes 63 on it. She has no savings and lives on 1100 a month SS. She has cancer and a host of other medical issues. She is moving in with my wife and I as living with my sister has turned into a nightmare. She had no plan for retirement other than SS. None, nada, nothing. |
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Posted: 8/6/2018 11:06:39 AM EDT
[#27]
How the hell are boomers going bankrupt from medical bills when they have Medicare? Over 15% of the federal budget is now untouchable spending specifically to give them free healthcare. Every politician is terrified to talk about cutting it because the boomers will vote out whoever doesn't send them their welfare.
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Posted: 8/6/2018 11:09:28 AM EDT
[#28]
Quote HistoryQuoted:
Taking care of my mom for the last 4-5 years, basically same situation. Even down to the 25k underwater on 'her house' (had to explain to her its the banks house at that point). Quote HistoryQuoted:
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My moms about to declare bankruptcy. Her house is worth about 40k, she owes 63 on it. She has no savings and lives on 1100 a month SS. She has cancer and a host of other medical issues. She is moving in with my wife and I as living with my sister has turned into a nightmare. She had no plan for retirement other than SS. None, nada, nothing. |
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Posted: 8/6/2018 11:12:01 AM EDT
[#29]
I had a neighbor that was financially devastated when her husband was diagnosed with cancer.
They lived, worked, and retired in OK. He worked in the trades and saved, she stayed home to raise the kids. When it was found that he had cancer, they moved to Boise for treatment. The hospital bills wiped out their life savings in a very short time. He died, and now she lives on $900.00 / month SS. That’s it. Sad. |
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Posted: 8/6/2018 11:12:19 AM EDT
[#30]
Quote HistoryQuoted:
I told her she can't ever break even on it. She finally accepted that's that and agreed to walk away from it. Quote HistoryQuoted:
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My moms about to declare bankruptcy. Her house is worth about 40k, she owes 63 on it. She has no savings and lives on 1100 a month SS. She has cancer and a host of other medical issues. She is moving in with my wife and I as living with my sister has turned into a nightmare. She had no plan for retirement other than SS. None, nada, nothing. |
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Posted: 8/6/2018 11:17:12 AM EDT
[#31]
Quote HistoryQuoted:
How the hell are boomers going bankrupt from medical bills when they have Medicare? Over 15% of the federal budget is now untouchable spending specifically to give them free healthcare. Every politician is terrified to talk about cutting it because the boomers will vote out whoever doesn't send them their welfare. She was eligible, but for some reason, she never signed up for Medicare. |
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Posted: 8/6/2018 11:23:21 AM EDT
[#32]
Quote HistoryQuoted:
How the hell are boomers going bankrupt from medical bills when they have Medicare? Over 15% of the federal budget is now untouchable spending specifically to give them free healthcare. Every politician is terrified to talk about cutting it because the boomers will vote out whoever doesn't send them their welfare. |
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Posted: 8/6/2018 11:25:41 AM EDT
[#33]
Quote HistoryQuoted:
Medicare covers 80%. You get a million dollar cancer bill (easy to do with chemo and radiation), and you owe $200,000.00 out of pocket. Quote HistoryQuoted:
Quoted:
How the hell are boomers going bankrupt from medical bills when they have Medicare? Over 15% of the federal budget is now untouchable spending specifically to give them free healthcare. Every politician is terrified to talk about cutting it because the boomers will vote out whoever doesn't send them their welfare. |
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Posted: 8/6/2018 11:27:43 AM EDT
[#34]
Quote HistoryQuoted:
Lol. Youger generations butthurt because they aren't special and no one left them a trophy.Who cares. Quit whining and get to work. |
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Posted: 8/6/2018 11:29:35 AM EDT
[#35]
Uh.....not how that works. Your bills don't just get passed to relatives when you die.
Quote HistoryQuoted:
Had a distant relative that passed away last year. She was around 70 years old, and left her family with $100K+ in medical bills. She was eligible, but for some reason, she never signed up for Medicare. |
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Posted: 8/6/2018 11:30:07 AM EDT
[#36]
Quote HistoryQuoted: Boomers didn’t go through a Great Depression like that of their parents. Therefore, they largely have no concept of how to manage money when things go wrong. 
Total US debt doubled under the baby boomers. Now that they are dying off debt is unsurprisingly beginning to decrease. |
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Posted: 8/6/2018 11:33:33 AM EDT
[#37]
Quote HistoryQuoted:
How the hell are boomers going bankrupt from medical bills when they have Medicare? Over 15% of the federal budget is now untouchable spending specifically to give them free healthcare. Every politician is terrified to talk about cutting it because the boomers will vote out whoever doesn't send them their welfare. |
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Posted: 8/6/2018 11:34:43 AM EDT
[#38]
Quote HistoryQuoted:
Truth Quote HistoryQuoted:
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Not much going on with Gen X? Must be too busy working. 
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Posted: 8/6/2018 11:35:03 AM EDT
[#39]
People with shitty / no retirement who have lots of bills. Not surprising when everyone thinks they DESERVE new cars every other year, New phones, eat out constantly etc.
My woman works with a old heifer a year from retirement, her and her kids are all sjw's etc. she gives her adult kids money all the time, cosigns on their loans, etc. She just bought a new car for herself. and recently moved from a apartment into a $200k house she just bought on a 30 year loan. Planning on her kids living with her and caring for her. Kids said they are only going to live with her for another year max, then moving across country. She either won't be retiring, or she will be selling shit / bankruptcy on a bunch of shit . |
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Posted: 8/6/2018 11:37:15 AM EDT
[#40]
Quote HistoryQuoted:
I love baby boomer and millennial threads. This one will be juicy.  Attached File |
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Posted: 8/6/2018 11:41:08 AM EDT
[#41]
Quote HistoryQuoted:
How the hell are boomers going bankrupt from medical bills when they have Medicare? Over 15% of the federal budget is now untouchable spending specifically to give them free healthcare. Every politician is terrified to talk about cutting it because the boomers will vote out whoever doesn't send them their welfare. |
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Posted: 8/6/2018 11:42:20 AM EDT
[#42]
Quote HistoryQuoted: My MIL is on Medicare. It doesn't pay all that much. You need a gap type policy in addition. Go and see what kind of long term care facility you get with just Medicare. Most kennels are better. |
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Posted: 8/6/2018 12:14:16 PM EDT
[#43]
Quote HistoryQuoted:
Medicare covers 80%. You get a million dollar cancer bill (easy to do with chemo and radiation), and you owe $200,000.00 out of pocket. Quote HistoryQuoted:
Quoted:
How the hell are boomers going bankrupt from medical bills when they have Medicare? Over 15% of the federal budget is now untouchable spending specifically to give them free healthcare. Every politician is terrified to talk about cutting it because the boomers will vote out whoever doesn't send them their welfare. You know like responsible young people having short and long term disability. |
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Posted: 8/6/2018 12:15:07 PM EDT
[#44]
Quote HistoryQuoted:
Uh.....not how that works. Your bills don't just get passed to relatives when you die. Quote HistoryQuoted:
Uh.....not how that works. Your bills don't just get passed to relatives when you die. Quoted:
Had a distant relative that passed away last year. She was around 70 years old, and left her family with $100K+ in medical bills. She was eligible, but for some reason, she never signed up for Medicare. |
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Posted: 8/6/2018 12:17:48 PM EDT
[#45]
Quote HistoryQuoted: When I'm terminal, I may just end up paying with my life. I'd rather leave some money/assets to my family instead of running in futility from the Grim Reaper. Like most things, easy to say, harder to do on multiple levels. |
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Posted: 8/6/2018 12:18:03 PM EDT
[#46]
Quote HistoryQuoted:
You should look at gen X on the chart Quote HistoryQuoted:
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I love baby boomer and millennial threads. This one will be juicy. |
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Posted: 8/6/2018 12:20:44 PM EDT
[#47]
Quote HistoryQuoted:
I'm going to go with this. Quote HistoryQuoted:
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Probably bankruptcies due to medical expenses. Very common. Accountant |
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Posted: 8/6/2018 12:22:42 PM EDT
[#48]
Quote HistoryQuoted: Post it! 
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Posted: 8/6/2018 12:22:54 PM EDT
[#49]
Quote HistoryQuoted:
Honestly, most of America would be better off with the decision to go to palliative vs. heroic care after certain points in life. The issue I hear ER and other doctors with large elderly populations is keeping people alive at great expense vs. simply letting go. Like most things, easy to say, harder to do on multiple levels. Quote HistoryQuoted:
Quoted: When I'm terminal, I may just end up paying with my life. I'd rather leave some money/assets to my family instead of running in futility from the Grim Reaper. Like most things, easy to say, harder to do on multiple levels. I just hit 60 so this is soon to be me. 
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Posted: 8/6/2018 12:25:29 PM EDT
[#50]
Quote HistoryQuoted: Kinda easy to say when you’re not the one laying there dying. I just hit 60 so this is soon to be me. From reporting, it seems to be relatives who end up making medical decisions over an unconscious relative after a massive stroke who are at a loss of what to do other than expending all medical options. |
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