Many people thinking about their debt relief options are curious about who, exactly, is the typical bankruptcy filer. While bankruptcy provides a way out of debt for any consumer, there are certain trends and characteristics that can shed more light on who utilizes this route most often and for what reasons. Below, the bankruptcy lawyers at Padgett & Robertson, Attorneys at Law, in Mobile, AL, discuss this subject in more depth.

Bankruptcy Lawyers Share 3 Important Trends

Medical Debt Is the Leading Cause of Bankruptcy

It may surprise you to learn that 42% of all bankruptcies are the result of medical debt. Compare this to credit card debt, which accounts for only 15% of all filings. Other reasons in the top ten: divorce and associated costs like alimony and child support; home foreclosure, in which the filer works with a bankruptcy lawyer to prevent losing their house; and an unforeseen catastrophe, such as a flood, earthquake, or fire.

Men & Women File for Bankruptcy at More or Less the Same Rate

On average, the numbers of men and women who file for bankruptcy are about equal. In 2010, for example, 52.26% of filers were women, and 47.74% were men. Also worthy of note: the vast majority of filers are married, around 64%.

Most Bankruptcy Filers Are Working Professionals

About 73% of filers currently have a job or are self-employed. 27% earn more than $30,000 per year, and 14% earn more than $50,000 annually. Meanwhile, 94% are high school graduates, and 58% have at least some college in their educational background.

Bankruptcy impacts people across spectrums of age, gender, economic circumstance, and type of debt. There is really no one "textbook" bankruptcy applicant; the method can help anyone, at any point in their lives. To find out if this is the right path for you, contact the bankruptcy lawyers at Padgett & Robertson, Attorneys at Law. They can be reached by phone at (251) 342-0264, on the web, or via Facebook or Twitter.

No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers.

We are a debt relief agency. We help people file for Bankruptcy relief under the Bankruptcy Code.