Bankruptcy Statistics: Families and Finances
Financial strain can create stress for your whole family, as the statistics below confirm. Fortunately, most families have more control over their financial futures than they realize — and more than their creditors want them to know that they have.
Money, Family and Children
- Authors Elizabeth Warren and Amelia Warren Tyagi claim in their book, The Two-Income Trap, that married couples with children are more than two times likely to file personal bankruptcy than childless couples.
- The authors also assert that married couples with kids are 75% more likely to be late paying their bills.
- As detailed during an interview with MotherJones.com, Tyagi said that families today are five times more likely to file bankruptcy and three times more likely to lose their homes, despite spending their money no more foolishly than their parents.
- Tyagi asserted that the number of single mothers who have filed bankruptcy has increased by more than 700% in the past generation.
- Tyagi further detailed that a family who cannot put a down payment on a home is 15-20 times more likely to lose the home to foreclosure.
Money and Marriage
- According to a Money Magazine survey, money causes more arguments between couples than sex or even the in-laws.
- More specifically, 43% of people surveyed responded that they argue more about money than sex (as opposed to 20% who said they argued more about sex than money).
- Also reported by CNNMoney.com, 24% of the survey's participants said that they argue more about money than doing chores and 28% said they fight more about money than their kids.
Money and Senior Parents
- Thirty-four percent of people between the ages of 18 and 34 receive cash from their parents annually, according to a national study by the Institute of Social Research at the University of Michigan.
- According to the study, nearly 50 percent of adults between 18 and 34 receive assistance from their parents in the form of their time, whether it's watching grandchildren, doing laundry, driving them home after a visit or something else.
- The study also showed that parents provide an average of 367 hours of work per year assisting children ages 18 to 34.
- Parents will also pay approximately $42,280 for the next 17 years after a child turns 17, according to study statistics.
Talk to a Local Bankruptcy Lawyer About Your Financial Options
If you're struggling to pay your monthly bills or living expenses, find out whether bankruptcy might be the right debt-relief option for you.
Simply fill out the bankruptcy evaluation form below or call toll-free 877-833-2410 to connect you with a local bankruptcy lawyer—for free and with no obligation.