BILL NUMBER: S3861
SPONSOR: COMRIE
 
TITLE OF BILL:
An act authorizing the study of the number of senior citizens in New
York state who have filed for bankruptcy in the past ten years; and
providing for the repeal of such provisions upon the expiration thereof
 
PURPOSE:
To direct the office for the aging to provide analysis for the underly-
ing causes which have resulted in bankruptcy filings among senior citi-
zens in New York.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 directs the office for the aging to conduct a study on the
number of senior citizens in New York who have filed for bankruptcy in
the past ten years and the underlying causes of such filings.
Section 2 requires the director of the office for the aging to report
the findings and make any recommendations to the legislature within one
year of the bill's enactment.
Section 3 authorizes the director of the office for the aging to
utilize state agencies and assisted. living facilities to collect rele-
vant information for the study.
Section 4 sets the effective date.
 
JUSTIFICATION:
Across the country, there has been a significant rise in the number of
senior citizens filing for bankruptcy in recent years. There are many
financial burdens affecting seniors, including increasing medical costs,
loss of family members, and high levels of debt carried over into
retirement. Conducting a study of senior bankruptcy will allow us to
determine the scope of the problem in our state and identify underlying
causes to address in order to protect New Yorkers nearing retirement.
This bill is an important first step towards an informed, comprehensive
legislative solution to prevent bankruptcy among the elderly and support
the financial health of seniors throughout our state.
 
PRIOR LEGISLATIVE HISTORY:
2022: S5590
2017-2018: A11364
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.