Percentages Of People Who Use Bankruptcy Lawyers

A lot of people have misconceptions about the reasons people need to file for bankruptcy, and who files the most. Unfortunately, a lot of people put off looking into help because they are afraid they will be categorized and stigmatized. Put your stereotypes out of your mind and consider the facts. For months or even years, they struggle under the weight of burdensome debt that could easily be dealt with by hiring a Kansas City bankruptcy lawyer. If you look at the actual statistics, there are people from every walk of life who utilize bankruptcy services at some point or another.

Everybody makes mistakes. Your future can be different regardless of what landed you in the financial spot you are currently. Research shows that today, there are more older, married people filing for bankruptcy than before. Even though you try to plan for the future, you can't know exactly what is in store for you. Being irresponsible with money can certainly affect your chances of needing a bankruptcy at some point or another. But it is not the only factor.

The numbers show that men and women file bankruptcy at nearly the same rate, 48 to 52 respectively. Your marital status doesn't protect you either. The number of married couples filing has grown in the past four years. In 2010, the breakdown for marital status showed that 64 percent of people who filed for bankruptcy were married, 17 percent were single, 15 percent divorced, and just 3 percent were widowed. Although married couples are typically more fiscally responsible, they also usually have greater financial demands and commitments. People try their best to plan for the worse. However, it doesn't always pan out the way people think it will.

There are people represented by all levels of education in bankruptcy filings. 36 percent of people who filed in 2010 had a high school education. There were 29 percent who had attended some college. Those with a bachelor's or higher came out at 20 percent. The largest growth in filings was seen in those with higher education, who saw a growth of 16 percent in just four years. Nothing is set in stone. Whatever educational background you come from, bankruptcy may be a necessity at some point.

A final contributor to bankruptcies is income. The vast majority, 60 percent, of those who file for bankruptcy make less than $30,000 a year. Interestingly, the number of those who make over $60,000 annually and filed for bankruptcy grew by around 4 percent. While making more money can help you pay off debts and avoid being overwhelmed by surprise expenses, it can not protect against everything. There are a wide variety of people who find themselves in tough financial situations, and the best thing to do is to hire a Kansas City bankruptcy lawyer to help you out.