When it comes to personal bankruptcy, people from many different walks of life find themselves facing serious financial challenges and make the decision to address their debts through Chapter 7 or Chapter 13. If you are thinking about bankruptcy, it is important to know that you are not alone and helpful to review statistics on the characteristics of those who typically file for bankruptcy.
Sometimes, people feel guilty or wrongly believe that they are a failure because they decide to file for bankruptcy. However, there are many reasons why people face financial hurdles and these negative emotions should not interfere with your path to financial freedom.
Bankruptcy filers in the U.S.
According to data that was published by the U.S. Census Bureau, there are a number of characteristics that represent many bankruptcy filers in the United States. For example, many people who file for bankruptcy are middle-aged and part of the middle class. Veterans are especially likely to file for bankruptcy as a result of financial hurdles they are facing and many who pursue bankruptcy are divorced. Those who file for bankruptcy are also more likely to have a job and struggle with a disability in comparison to the general population.
Financial freedom through bankruptcy
Whether you are struggling with the financial consequences of a disability, are facing financial hardships as a veteran or have high levels of debt for any other reason, go over your options and protect your future. For many groups of people in the U.S., debt interferes with daily life and many people are able to resolve these challenges by filing a bankruptcy petition.