A National Profile of Bankruptcy
As a result of the economic downturn and other financial crises, many in America are turning to bankruptcy as a solution to their overwhelming debt problems. In her 2001 book The Fragile Middle Class: Americans in Debt, Harvard law professor Elizabeth Warren notes that bankruptcy statistics closely resemble what many consider to be the average middle class.
If you are considering bankruptcy, it is important that you discuss your options with a legal professional. Contact the Birmingham bankruptcy attorneys of GREENWAY BANKRUPTCY LAW, LLC, by calling (205) 324-4000 for a free consultation.
Who is Filing for Bankruptcy?
Although the tenor of laws such as the Bankruptcy Abuse Prevention and Consumer Protection Act might indicate otherwise, many bankruptcies are not filed by irresponsible individuals. Instead, many bankruptcies occur as a result of tough economic times and emergency situations that push already tight budgets over the edge. Consider some of the following bankruptcy statistics:
- The average filer is 38-years-old
- Couples make up 44% of filers
- 2/3 of all filers have lost their job
- 1/2 suffer from a health condition
- Approximately 90% of filers have gone through a divorce, medical emergency, or loss of a job
Bankruptcy is not a legal action taken by those who are irresponsible or careless. Instead, it is proof that many families and individuals simply cannot keep up with the high cost of living in modern day America.
If you have been trying to keep up with payments but simply do not have the means to continue, there may be legal options you can pursue to get back on solid financial footing. Contact the Birmingham bankruptcy lawyers of GREENWAY BANKRUPTCY LAW, LLC, at (205) 324-4000 today for more information.