Advocating For Consumers In Bankruptcy Filings For More Than 25 Years

Who files for bankruptcy? Many different people do.

On Behalf of | Nov 18, 2021 | Bankruptcy

Preconceived ideas about the people who file for bankruptcy persist. Some know-it-alls may insist that this group has a gambling or substance abuse problem. They may gossip about this person being a “no-good bum” who fails to seek work or has a costly mistress on the side.

These stereotypes are untrue and downright mean. People who file for bankruptcy come from all walks of life. That person could be your neighbor, your brother, a coworker and even you. The people who judge others who filed bankruptcy fail to consider the medical expenses that person incurred, the job loss that he or she experienced, or the divorce that person is going through.

The married, millennial and baby boomer

So, what is the true profile of someone who files for bankruptcy? There really is not one. — a company that focuses on educating people and getting them out of debt – came up with relevant statistics about this group:

  • Married people represent more than 64% of those who file for bankruptcy.
  • Women are more likely to file for bankruptcy than men. Women comprised 52%, and men made up 48% of this group.
  • The median age of someone who files is 45.
  • The bankruptcy rate among people aged 34 and under is similar to that of people aged 55 and older. The former group comprised 19% of bankruptcy filers while the latter stood at 20%.
  • An estimated 60% annually earned $30,000 or less. More than 9% earned $60,000 or more.
  • Education-wise, 36% graduated from high school, 29% attended some college, and 20% earned a bachelor’s degree or higher.

Bankruptcy is the solution all these people chose. They all have a similar goal of reclaiming their financial lives and starting anew.

Getting back on track

A variety of people with different personal, educational and financial backgrounds seek bankruptcy protection. They may have experienced similar setbacks that led them to take this big step. They made an important decision and are ready to get back on track.

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