What Kind Of Person Files for Bankruptcy?
People just like you.
Elizabeth Warren, (Senator from Massachusetts), and former professor, Harvard Law School, in her book The Fragile Middle Class: Americans in Debt, identified the following characteristics most common upon people filing for bankruptcy.
- The average age for someone filing for bankruptcy is 38.
- Couples account for 44% of those filing for bankruptcy.
- Women, filing alone, comprise 30% of the bankruptcy filers.
- Single men account for 26% of the bankruptcy filers.
- Statistics show that people filing for bankruptcy are slightly better educated than the general population.
- Out of the entire bankruptcy population, two out of three have lost a job.
- Not surprising, half of those filing have experienced a serious health problem.
- The vast majority of those filing have either suffered a job lost, medical event, or divorce. Fewer than 9% do not fall into one of these groups.
There is a very good chance that you will find yourself in one or more of these categories.