Take a Look At Who Is Filing For Personal Bankruptcy

Last year, over 900,000 people filed for personal bankruptcy protection. To show that there is no stereotypical profile of someone who files for bankruptcy, we share findings from a recent issue of the Louisville (KY) Courier-Journal. The paper’s editors randomly selected several personal bankruptcy filings in the Louisville and Southern Indiana area. We share a few of them here:

   

Who is Filing For Bankruptcy?

The dozen personal bankruptcies selected were:

• Single people and families
• Facing unpaid bills, years of repayment plans and difficulty restoring credit
• Residing in upscale and middle-class neighborhoods
• Driving minivans and SUVs
• Experiencing bankruptcy caused by catastrophic event (job loss, medical crisis, etc.)

Profile Snapshots of Who’s Filing for Personal Bankruptcy

  47-year-old single mother of three

• Annual income: $33,388.34 (from disability payments, child support and her children’s Social Security)
• No work income
• Major monthly expenses: $2,065 ($900 rent, $650 household supplies, $515 auto payment and insurance)
• Assets: $11,470
• Liabilities: $209,767 (including a $68,000 court judgment)

Two 58-year-olds (a health care worker and disabled spouse) with no children

• Annual income: $30,588 in salary; $1,800 in monthly disability
• Major monthly expenses: $1,079 ($550 household supplies, $529 auto payment and insurance)
• Assets: $43,332
• Liabilities: $156,840 (includes $103,085 in non-dischargeable student loan debt and medical debt)

41-year-old salesman and single father

• Annual income: $35,639
• Major monthly expenses: $1,310 ($530 for housing; $780 for child support)
• Assets: $105
• Liabilities: $83,700 (including $53,000 in foreclosure deficiency; two court judgments for nonpayment of debts in emergency room treatment and $3,606 for bank repossession)

40-year-old single mother and college instructor

• Annual income: $52,753 (includes $1,100 in monthly child support and alimony)
• Major monthly expenses: $2,553 ($1,247 mortgage payment; $700 household supplies; $606 for auto loan and insurance)
• Assets: $242,740
• Liabilities: $263,963 (including $4,245 in student loan debt; and $26,980 owed to Sears, Discover and Chase)

To Get Out From Under Crippling Debt, Call The Oswalt Law Group

As you can tell from the information above, there is no “typical” face of personal bankruptcy. If you’re tired of living with crippling debt, please know that you do have options…lots of them. For a free consultation, call us here at The Oswalt Law Group; our number is 602-225-2222.