Statistics on the Average Person Filing for Bankruptcy are Important Indicators
According to a recent study by Harvard Law School, the average age of individuals filing for bankruptcy is now 38 years. This is comparatively younger than previous findings. There are probably several factors responsible for this fact, one of which may be that the current US economy is making it more difficult for employers to pay their young employees a sufficient wage. Increases in the cost of living also are likely to play a significant role.
Of the total number of cases filed, 44% were couples filing jointly, apparently indicating that families are being impacted by the economy severely enough to find themselves in need of debt relief, even if both parents are working. 30% of the filers were women filing individual petitions, while the remaining 26% were men filing alone. This may be partly attributed to divorce, which is often cited as a major factor in bankruptcy cases.
Finally, about 66% of those who filed recently reported having lost their jobs. That’s two-thirds of the people who were placed in financial distress! This doesn’t paint a pretty picture of the current state of affairs.
No matter what your age, gender, or marital status, money matters are at the forefront of many people’s lives today. Whether you’re self-employed, on a career path or even independently wealthy, circumstances can change quickly and when they do, you may find yourself unexpectedly in need of debt relief.
There’s no shame in needing legal help to get yourself and/or your family back on track when things go wrong financially. Applying for debt relief isn’t an indication of failure. The laws of our country that protect citizens who face more obligations than they can meet are there because hardships can happen. When they do, an experienced attorney, with the help of the court, can help provide a chance to recover and get back to enjoying life.
Don’t be fooled into thinking that the only relief option is bankruptcy. While there are plenty of lawyers and firms that claim to solve all your financial woes with a quick bankruptcy package, that may not be the best solution for your personal circumstances and may leave you in more serious financial jeopardy in the long run. There are many alternatives to filing for protection under the Bankruptcy Code, and it’s crucial to know your options before you decide how to proceed. We specialize in helping you find and implement the best possible solution, to relieve the stress and help you rebuild quickly.
If you’re finding your debts too hard to handle for any reason, perhaps it’s time to find a way to get back in control. For a reputable MORENO VALLEY BANKRUPTCY ATTORNEY or a HEMET DEBT RELIEF LAWYER, call Jeffrey Larkin at 1.877.256.3946 for your free consultation or visit his BANKRUPTCY LAW FIRM IN CARLSBAD CA Google+ Local page. Stop harassing calls from creditors. Seek the advice of CARLSBAD BANKRUPTCY LAWYER Jeffrey Larkin today.
For more details, Please visit our website: larkinfirm.com
By Jeffrey Larkin