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.

View Our Testimonials Announcement

Norman H. Jackson, Utah Court of Appeals Judge, Retired, has joined the law firm of Robinson, Seiler & Anderson, LC, effective April 2017.  Judge Jackson was one of the seven founding Judges of the Utah Court of Appeals and served terms as Presiding and Associate Presiding Judge.
 
Judge Jackson was the senior attorney in a Richfield law firm for eighteen years.  The firm engaged in legal, business and tax cases, including practice before State and Federal Courts, U.S. Board of Land Appeals, Utah Public Service Commission and Arizona Corporation Commission.  Clients included counties, cities, banks department stores, communications and credit associations, irrigation companies, auto dealers, building supply stores, farmers, ranchers and small businesses. They took “every type of case that came through the door,” from criminal defense work to a patent royalty dispute for the inventor of the Frisbee. Judge Jackson has been a lifetime rancher doing business in Utah as Jackson Cattle Company and Arizona as EJ Cattle Ranches.
 
Judge Jackson’s professional service includes terms on the Utah State Bar Commission, Bar Foundation (President and Vice President), Air Travel Commission, and Utah Information Technology Commission.  He served on the Judiciary’s Alternate Dispute Resolution Committee for thirteen years and initiated and supervised the Appellate Court Mediation Office.  He developed and advanced a realistic and workable framework for both of Utah’s Appellate Courts to use in reviewing trial court and administrative agency decisions.  He published three editions of Utah Standards of Appellate Review while participating in more than 2,000 appellate court decisions.  
 
Judge Jackson’s experience will complement the other outstanding lawyers at Robinson, Seiler & Anderson, LC.  The firm will continue its representation of injured individuals, as well as clients in real estate, business, estate planning, tax, contract and education matters.
 

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