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Published on July 16th, 2014 | by Personal Rights

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The Numbers Behind Bankruptcy

Lawyer advice

Within the past few years, millions of Americans have encountered financial problems which have been largely attributed to the “recession” of 2005. The number, and type, of bankruptcies that are filed each year offer a small insight into how seriously the U.S. has been affected by a waning economy. Consider these percentages, acquired from debt.org:

97% The approximate percentage of bankruptcy filings that are private and residential.

29% The percentage of people filing for bankruptcy who have a college education.

9.2% The percentage of debtors in 2011 who had an income of over $60,000, but still had to file for bankruptcy.

8% The percentage of people filing for bankruptcy who have done so at least once before.

What Do These Statistics Show? Bankruptcy has changed a lot in the past few decades, and many people who find themselves considering filing for bankruptcy discover that regulations and proceedings seem almost too complicated to understand. The majority of those filing for bankruptcy are part of the “baby boomer” generation, and an even greater number of debtors are filing for the first time. These numbers also prove that anyone, regardless of education status or income level, can have financial problems.

What Do These Statistics Mean For Debtors? Quite simply, these statistics are probably useless to anyone filing for bankruptcy. That’s right — useless. They won’t magically make student loans disappear, or make credit scores friendly again. But they do indicate that a huge number of Americans have been struggling for quite some time.

The best course of action for people having financial problems today is to simply consult a professional, whether this person is a debt counselor, accountant, or bankruptcy attorney. Filing for bankruptcy is a serious decision to make, and it does have many consequences that last years after the filing has taken place. If a debtor is at a place where bankruptcy seems to be the best option, it may be beneficial to talk with an experienced bankruptcy attorney at law who can decide which type of bankruptcy is best — or if filing is a good idea at all. At this point, so many people have had financial problems that it isn’t hard to find a bankruptcy lawyer who is experienced, professional, and affordable.

It isn’t always possible to avoid foreclosure, bankruptcy, or other financial problems — the statistics listed above are proof of that. But these numbers also indicate that many Americans are dealing with the same issues, and it is easy to find professional help from experienced bankruptcy attorneys and counselors who are dedicated to assisting those hard-working Americans who just need some guidance. Ger more information on this topic here.


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