Filing for bankruptcy has an unfortunate and unfair negative association. Though it is easy for those who are not facing serious debt to sit in judgment, these individuals have no sense of the types of pressures or circumstances that have led to a person’s economic woes. A closer look at the statistical realities of bankruptcy makes clear that in the vast majority of cases, bankruptcy filings are a result of outside issues that have left the filers with no real choice.

If you are considering filing for bankruptcy, it is perfectly normal for you to feel isolated and alone. The truth is that in the year 2020 alone there were more than half a million bankruptcy filings, with over 70 percent of those being Chapter 7 bankruptcies rather than Chapter 13 reorganizations. That essentially means that 7 out of every 10 people filing for bankruptcy are not earning enough money to pay back their debts and have no way to get out from under them than to have them discharged by the bankruptcy courts.

How did these people get into so much financial trouble? According to a study conducted by the American Journal of Public Health, two out of three people blamed medical debt, with some simply buried by medical bills and others facing a combination of bills and loss of income as a result of the illness or injury that led to those bills. Other common reasons for filing include loss of a job and family issues like divorce.

Clearly, each of these are issues that are out of control of the individual: bankruptcy should not be viewed as a personal failure, or as a reflection of a lack of responsibility, education, or experience. The people who file for bankruptcy come from all backgrounds, areas of the country and demographic groups.  Roughly two in three are married, one in 5 is 55 years old or older or 34 years old or younger. The median age for filing for bankruptcy is 45, and men and women are almost evenly split, with women accounting for four percent more filings than men.

There is no such thing as a ‘typical’ bankruptcy filing, and as a result, there is no reason to allow outdated, inappropriate taboos to color your feelings about your own economic situation. For assistance in the best path forward, contact our office today to set up a time to speak to one of our experienced bankruptcy attorneys.

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