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Bankruptcy FAQ

Who files for bankruptcy? A wide range of people

On Behalf of | Nov 2, 2021 | Personal Bankruptcy

You have heard cliches about who files for bankruptcy time and time again. But many different types of people wind up filing for bankruptcy in a move that will change their lives for the better. Why will doing so improve things? Because they ensure that they will gain a new financial start as most debts are erased and forgiven.

More women than men file, most are married

Medical debt, job loss and divorce are some of the factors that may lead people toward bankruptcy. These facts often get overlooked by people who think they know. A study funded by the American Journal of Public Health disclosed that nearly 67% of all bankruptcies stemmed from medical issues.

Do not feel alone or ashamed for filing for bankruptcy. In due time, things will turn around. But who is most likely to file for bankruptcy?

Here is a summary of the diverse types of people who seek bankruptcy protection:

  • More than 64% of this group is married.
  • More women than men file for bankruptcy. Women comprised 52% of this group, while men made up 48%.
  • The median age of a bankruptcy filer is 45.
  • People aged 34 and under comprise 19% of bankruptcy filers.
  • People who are 55 and older make up 20% of this group.
  • Income-wise, approximately 60% earned $30,000 or less per year, while 10% earned $60,000 or more.
  • When it comes to education, roughly 36% held a high school degree; 29% attended some college, and 20% achieved a bachelor’s degree or higher.

As you can see, a  stereotype of a bankruptcy filer really does not exist. Many different types of people choose to go this route to rid themselves of debt and get on with a new beginning.