Personal Bankruptcy Profile
Millions of Americans File Bankruptcy Each Year to Regain Control of their Situation
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- Are you overwhelmed by credit card debt despite your best efforts to catch up on past-due payments?
- Has your mortgage rate reset, leaving you in danger of losing your home to foreclosure?
- Are you seriously considering filing bankruptcy but hesitant about taking such a meaningful action?
If any of these scenarios sound familiar, remember that you're not alone and that you may have more power than you think.
While many Americans are being slammed by financial problems with our troubled economy, some have taken the empowering step of filing personal bankruptcy to gain a fresh start, as the following statistics about the average bankruptcy filer in 2007 reveal.
Demographics of the Personal Bankruptcy Filer
According to a report by the Institute for Financial Literacy's Center for Consumer Financial Research, the average bankruptcy filer in 2007 was:
- between 35 and 44 years old
- employed and earning less than $30,000
- a high school graduate with minimal college experience
Of course, that's only the average. The report also showed bankruptcy filers included people in a wide range of circumstances.
For example, women filed bankruptcy at a greater rate than their presence in the U.S. population, and men filed in greater numbers than in previous years.
Causes of Bankruptcy
The most common reasons listed for filing bankruptcy in 2007 included:
- recent job loss
- income deductions
- over-extensions on lines of credit
- illness or injury
As this report illustrates, so many Americans are working longer hours yet are still finding it difficult to pay bills and keep up with interest rates, much less being able to put some money aside for retirement.
But it doesn't have to be this way. It's important to know that there are options to protect your hard-earned wages and secure a better financial future for you and your family.
Consider the Liberating Possibilities of the Bankruptcy Code
The U.S. Bankruptcy Code offers protection to individuals in two forms: Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Chapter 7 bankruptcy often helps free people of overwhelming credit card debt, medical bills and other unsecured debt.
Chapter 13 bankruptcy may help others keep their homes and other property through a repayment plan lasting 3-5 years.
Bankruptcy can also stop distressing debt collection efforts. In most Chapter 7 bankruptcy and Chapter 13 bankruptcy cases, the automatic stay provides immediate protection from creditors.
Take the Next Step toward Financial Liberation with a Bankruptcy Attorney
By visiting Clear Bankruptcy and learning more about your options in these distressing financial times, you've already taken the first step in potentially turning your financial future around for the better.
We can help you take the next steps by connecting you with a local bankruptcy attorney who can answer any questions you may have and help you examine how filing bankruptcy could help you secure your future.
Continue moving forward by filling out our free bankruptcy case evaluation form or by calling 877-833-2410 to be connected to a local bankruptcy lawyer.