Chapter 7 Bankruptcy Statistics: Who's Filing?
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Chapter 7 Bankruptcy Statistics

Many people file for Chapter 7 bankruptcy each year. With bankruptcy filings increasing over the last several years, much of the stigma of bankruptcy has begun to fade away.

Here's a look at some recent Chapter 7 statistics.

In 2010, the economy was recovering by some measures, but continued turmoil in the housing market made for a high bankruptcy toll.

  • A total of 1,139,601 Chapter 7 cases were filed. Businesses filed 39,485 of those and individuals (or families) filed the remaining 1,100,116.
  • Bankruptcy filers range in age from 19 to over 90 years old. The average age, though, is about 38.
  • Couples filing jointly make up about 44 percent. Women who file single bankruptcy petitions account for about 30 percent of filings. Men filing singly compose only 26 percent of filers.
  • Bankruptcy filers tend to have a slightly higher education level than non-filers.
  • Two-thirds of bankruptcy filers cited unemployment as a reason for their filing.
  • About 50 percent of bankruptcy filers have dealt with a significant medical event in their recent past.
  • A whopping 91 percent of filers report medical expenses, job loss or divorce as a contributor to their bankruptcy case.

Making Sense of Chapter 7 Bankruptcy Statistics

The numbers point overwhelmingly to the conclusion that ordinary Americans who face an unexpected expense (such as divorce, illness, injury or job loss) are those who find themselves in need of Chapter 7 bankruptcy protection.

Considering the widespread nature of many costly credit innovations of recent years (including adjustable-rate mortgages, super-easy credit and multiple home equity loans), it's no wonder "ordinary" Americans are the ones facing bankruptcy most often.

Find Out How Chapter 7 Bankruptcy Could Work for You

The truth is, there is no one type of person who files bankruptcy. People from all walks of life have found that Chapter 7 provides powerful relief from credit card debt, payday loans and other forms of unsecured debt.

Could Chapter 7 bankruptcy help you find a fresh start? Find out today by arranging a free, no-obligation consultation with a bankruptcy attorney in your area. Getting started is easy - fill out the free case review form below to take action now.

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