2009 Annual Consumer Bankruptcy Demographics Report

Discussion in 'Economics' started by nutmeg, Jan 3, 2011.

  1. The average American filing bankruptcy is a 35- to 54-year-old married
    Caucasian with a high school degree or some college, is employed, and
    earns less than $30,000 per year.
    • The following groups demonstrated noticeable changes as a percentage
    which may be attributable to the Great Recession:
     Americans 55 years and older are filing at higher rates;
     Asian Americans are now filing bankruptcy at double the rate
    they were in 2006;
     African Americans are filing fewer bankruptcies than in 2006;
     Americans with advance degrees are filing at higher rates;
     Americans earning $30,000 or more make up 41% of filers;
     Americans who are unemployed saw a jump in filings by 3.2%
    since 2008; and
     Americans who are married have seen an 8% increase in filings
    since 2006.
    • The percentage of Americans reporting Reduction of Income and/or Job
    Loss as a cause of financial distress increased.
    • The other common causes of financial distress reported by Americans
    include Overextended on Credit, Unexpected Expenses, Illness/Injury and