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Mr Zimmerman was helpful and kind and prompt . He always answers his phone and that is refreshing . I will be using him for my bankruptcy in the future. He is one of the good ones . He is an outstanding attorney who truley care . He made ev...
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Mr. Zimmermann is a fantastic bankruptcy attorney who handled my case with care, efficiency and urgency. We were able to beat a judgement against me in the nick of time, and I truly feel a sense of relief due to the services of Mr. Zimmerma...
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This Lawyer will go above and beyond for you. As well as show tremendous empathy for those who are vulnerable and scared. His compassion to help civilian's shows through his actions and with his word. When he says he is going to call he cal...
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I’ve worked with Mr.Zimmerman on two different legal issues. In both instances he was fantastic! He is extremely knowledgeable and compassionate and able to breakdown a course of action into language anyone can understand. I would highly re...
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I highly recommend Mr. Zimmermann as an attorny. I recently purchased an investment property and boy was he helpful. He was easily available, very clear in explaining various concepts, laws and regulations, and provided very helpful tips o...
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- posted: Aug. 11, 2025
Most people think of their 60s, 70s and 80s as a time to live comfortably off of the assets earned over decades of hard work. In fact, this time of life is often referred to as the “golden years.” Unfortunately, statistics show that this rosy view of life as a senior does not accurately portray the financial status of many older Americans. Over a period of approximately two decades, the percentage of bankruptcy filers who are 65 and older has skyrocketed from 4.5 percent to more than 18 percent.
Several factors contribute to this uptick in bankruptcy filings among seniors, such as:
Lack of pensions — In previous generations, pensions provided a steady stream of post-retirement income, allowing workers from a wide range of industries to meet their basic needs, regardless of economic forces. However, the landscape has shifted dramatically as many employers phased out defined benefit pension plans, replacing them with 401(k) accounts and other options that rely on employee contributions and are subject to market downturns.
Inadequate Social Security — While Social Security serves as a foundational income source for many retirees, it often falls short of covering essential expenses, particularly in the face of rising costs. As inflation drives up the prices of necessities such as healthcare, housing and daily living expenses, seniors frequently find it increasingly challenging to stretch limited resources.
Longer lifespans — Medical advances have lengthened lifespans over the past couple of generations. This is a wonderful thing, but it means that many elderly individuals live for two decades or more after they’ve stopped working, potentially outliving their savings. With age, residential or in-home care often becomes necessary, potentially depleting retirement accounts.
Family support — Senior years are usually when parents have already raised their children and can concentrate on their own needs. Life is not always predictable though, and older Americans frequently provide financial support to their adult sons and daughters. There are grandparents who have taken responsibility for raising their grandchildren and funding their living expenses.
For seniors facing financial adversity, bankruptcy offers a way to restore the lifestyle they deserve, free from creditor harassment and debt worries. It’s understandable why individuals who have worked diligently throughout their lives might find it difficult to petition for bankruptcy protection, but it’s often the best way to move forward.
The Law Offices of James C. Zimmermann represents New Jersey residents in all types of bankruptcies. For a free initial consultation, please call 973-764-1633 or contact us online. Our five North Jersey offices are in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley.
