Bankruptcy Statistics
Bankruptcy Statistics
During these harsh economic times more and more people are Filing For Bankruptcy. Once frowned upon, it is now a common option for individuals with unmanageable debt. This is despite the fact that the laws have made it more difficult to File For Bankruptcy. Plus let’s not forget the implications and the cost of filing for bankruptcy. Bankruptcy statistics clearly show there is an increase in large proportions of individuals filing for bankruptcy.
These statistics are normally complied by the administrative office of the U.S. courts. They are done quarterly with each quarter ending December, March, June and September. According to bankruptcy statistics released earlier this year, Chapter 7 filings have increased 43%. Also on the increase are non business Bankruptcies which have risen 31%. On the other hand Business Bankruptcies have risen 54%. This increase is blamed on the fact that we are a society that is hooked on material things even when we have the inability to cater for them. If by some misfortune we are caught by an emergency that needs financial resources, we get into debt while trying to come up with the money.
This digs us into a hole that is very difficult to get out of. Most families that usually file for bankruptcy do so for a number of reasons. The leading cause are jobbing loss, medical problems and Credit Card Debt. According to bankruptcy statistics, credit card debt can be avoided if people just have discipline and learn how to use cash when making purchases. It is a very easy trap to get into because you do not actually see how much you are spending at any given time and you end up spending more than you earn.
According to the demographics the average age of people filing for bankruptcy is 38 years. According to The Fragile Middle Class: Americans in Debt by Elizabeth Warren, 44% of filers are couples, 30 % are women filing alone while 26% are men filing on their own. In addition, two out of three people who have filed have suffered a job loss. The states with the highest bankruptcy rates are Alabama, Georgia, Tennessee, and Utah.
Economic Statistics?
Where can I get reliable, accurate statistical information about job growth, unemployment, inflation, cost of living, cost of healthcare, number of bankruptcies, number of people on welfare, etc, online? Is there anywhere? I don’t want to go with whitehouse.gov because I don’t exactly trust it. However, I do believe there IS a government agency that keeps track of some of those things. I’d accept their email or phone number, but I’d also like any independent organizations anyone can give me.
The Bureau of Labor has good labor statistics, and the Bureau of Economic Analysis has good data on inflation and economic growth.
The Council of Economic Advisors publishes an annual summary of the US economy, which is widely cited and is reliable.
The Dramatic Increase Of Bankruptcy In The US
