Who Files For Bankruptcy?

There is a common misconception that financial mismanagement is the reason why most people file for bankruptcy. However, most people instead make this choice when their debt situation has become hopeless for reasons they never could have anticipated. While no one sets out hoping to file for bankruptcy, if you find yourself over your head in debt that you have no realistic way to pay, filing bankruptcy may be your best option. And while there should be no shame associated with trying to improve your financial situation, the stigma associated with bankruptcy means that borrowers sometimes feel guilty about filing. The reality is no matter how lonely it may feel if you’re going through bankruptcy, plenty of people find themselves in this same boat and you are far from being alone.

Why Consider Bankruptcy in the First Place?

Bankruptcy may be an intimidating word, but the truth is that it can provide an invaluable way for people who are unable to pay their debts to move forward financially. In the right context, bankruptcy offers numerous protections for borrowers who are struggling. Everyone doesn’t qualify for every kind of bankruptcy, but in some cases debt is discharged altogether. That means that you will no longer be responsible for paying those debts and the creditors will no longer be able to try to collect them or pursue legal action for those debts against you. In other circumstances, bankruptcy allows borrowers to catch up on their financial obligations in a timely fashion with payments that are structured to be more manageable. Either way, bankruptcy can lead to a better financial future while providing relief to debtors in their current situation.

Understanding Who Files

Filing for bankruptcy is generally not a decision people take lightly. Many Americans experience loss of jobs and income at one point or another or go through other life events that lead to unanticipated debt. Anyone can end up in significant debt but statistics indicate that those who file for bankruptcy:

• Are typically married
• Have a median age of approximately 45
• Are slightly more likely to be women than men

In addition, roughly 90 percent of these filers make less than $60,000 annually and almost 30 percent have at least some college education. Regardless of these statistics, it is important to recognize that bankruptcy is something that is spread against demographics.

Offering the Legal Solutions You Need

If you are seeking solutions to your financial problems, bankruptcy may be the answer. You will most likely appreciate the help of a legal team that focuses on bankruptcy while providing legal advice and striving to treat every borrower with respect. As the Plantation bankruptcy attorneys at Nowack & Olson, PLLC, we have a passion for helping borrowers regain their financial health. We strive for excellence while aiming to show compassion and providing needed assistance to those who are seeking relief from mounting debt. Schedule a free consultation with us to talk about all your options so that you can begin taking steps to improve your financial health.

Resource:

pnhp.org/news/new-medical-bankruptcy-study-two-thirds-of-filers-cite-illness-and-medical-bills-as-contributors-to-financial-ruin/