Bankruptcy has held a negative connotation for years, being seen as the financial response of those too careless or thoughtless with their money. However, this idea of bankruptcy is far from reality. Especially with the economic crisis of the past several years, many individuals and couples have turned to bankruptcy as a real solution to their severe debt problems. According to some of the figures cited in Harvard law professor Elizabeth Warren's 2001 The Fragile Middle Class: Americans in Debt, bankruptcy is much more the result of tragic circumstances than personal faults.
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As people deal with the problems that constantly bombard them, the high cost of living and the even higher cost of emergency events can prove too great for their personal finances to handle. According to Warren's statistics, fewer than 9 percent of all bankruptcy filers did not go through a divorce, lose a job, or need to pay for a medical emergency before filing. At least one-half of bankruptcy filers have been paying for some form of medical treatment. At least two-thirds of bankruptcy filers have recently lost a job.
The majority of those filing for bankruptcy were part of a couple at the time of filing. Although some of these couples may have filed prior to divorce to simplify the property division process, the general figures still stated that 44 percent of all filers were in a couple when filing. Single women made up 30 percent of filers, while single men only made up 26 percent.
For many, bankruptcy is the best way to overcome severe financial difficulties. To learn more about bankruptcy and how to file, contact a bankruptcy attorney today.
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