Chapter 13 Bankruptcy Statistics
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Chapter 13 Bankruptcy Statistics

Anyone considering a Chapter 13 filing is likely to wonder about Chapter 13 bankruptcy statistics. After all, it's only natural to try to figure out what has worked for other people facing the same problems.

Here's a look at some Chapter 13 bankruptcy statistics from recent years.

Chapter 13 Bankruptcy Statistics from 2010

In most years, Americans file for Chapter 7 bankruptcy more often than Chapter 13. However, a Chapter 13 filing is not uncommon.

  • In 2010, 438,913 Chapter 13 bankruptcy cases (out of more than a million total) were filed in the United States. Of those, 4,174 were filed by businesses and 434,739 were filed by individuals or families. While the U.S. Courts system doesn't provide details on the data, it's possible that many of these cases were filed in an effort to prevent foreclosure.
  • The average age of an American bankruptcy filer is about 38.
  • Petitions from women filing singly make up roughly a third of all filings. Men filing singly compose just over a quarter of bankruptcies, while couples who file jointly account for 44 percent.
  • On average, those who file bankruptcy tend to be slightly better educated than the general population. The statistics don't reveal whether student loans played any role in this statistic, but considering student debt is set to reach $1 trillion this year, it seems possible.
  • About two in three bankruptcy filers note that job loss has led them to file.
  • Half of bankruptcy filers have faced an illness, injury or other medical event prior to filing.
  • In 91 percent of cases, filers identify job loss, divorce or medical expenses as a reason for filing.

Chapter 13 Bankruptcy Statistics: Regular People, Unexpected Debt

These Chapter 13 bankruptcy statistics paint a picture of the average American. That suggests that most people who find themselves in need of bankruptcy protection aren't (as rumors sometimes suggest) especially bad at handling money or devoid of moral fortitude.

Rather, Chapter 13 filers tend to be regular folks who were hit with an unexpected expense and didn't have the savings cushion to recover from it.

If you're curious about whether Chapter 13 might be able to help your situation, please take this opportunity to connect with a bankruptcy lawyer for a free consultation.

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