According to a recently released Administrative Office of the U.S. Courts study, "baby boomers", Americans age 55+ , are filing bankruptcy at a faster rate than the rest of the population and predictions are that this will continue to increase as the baby boomers grow older.

The median age for bankruptcy petitioners in 1994 was 37.7, in 2002 it increased to 41.4 years. The study also concluded that Chapter 7 petitions are becoming more prevalent for older filers. Between 1994 and 2002, the percentage of filers opting for Chapter 7 (liquidation), as opposed to Chapter 13 (reorganization), proceedings increased 87.1%.