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.
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.
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.