Interesting Statistics about Bankruptcy
Whether you are just looking into bankruptcy or have experienced it firsthand there are some interesting statistics regarding bankruptcy that we find to be very interesting listed below. Before going through with a bankruptcy we at Robinson, Seiler & Anderson can provide you with a bankruptcy attorney to help you through the process.
1. Most of 2009 had over 100K bankruptcy filings per month
The American Bankruptcy Institute released data that shows ten months in 2009 had bankruptcy filings top 100,000—January and February were the only two months in 2009 where consumer bankruptcy filings didn’t eclipse 100,000 for the month. In the remaining ten months, bankruptcy filings exceeded this six digit threshold each time.
2. Bankruptcy filings shot up over 30% in 2009
According to statistics released by the Administrative Office of the U.S. Courts, bankruptcy filings increased nearly 32% in 2009, from 1,117,641 in 2008 to 1,473,675 in 2009. This includes both business and non-business filings.
3. People with Degrees were also hit hard
With so many households filing for bankruptcy, one thing we’ve learned is that no one is immune to these tough economic times. Although those with no college education file bankruptcy at the highest rates, people with college and even graduate degrees commonly file for bankruptcy as well. According to the Institute of Financial Literacy, more than 12% of filers have bachelor’s degrees, and more than 5% have graduate degrees.
4. 1 in every 70 US households files for bankruptcy
About one in every 70 American households files for bankruptcy. Considering the average size of U.S. communities, this means that there’s a good chance you or someone you know has recently filed for bankruptcy.
5. 43% of American families spend more than they earn each year
Even though (or perhaps because) the economy continues to worsen, consumer debt continues to increase. And the sharp increase in bankruptcy filings is proof that too many Americans get buried in debt they simply can’t afford to pay off. The average family has about $16,000 in credit card debt alone.
To help you in the process bankruptcy or to learn more about the effects bankruptcy can have on your finances make sure you schedule a consultation with one of the bankruptcy attorneys at Robinson, Seiler & Anderson in Provo.