Who files for bankruptcy? The common preconception used to be that it would probably be someone, perhaps a young woman, who went crazy buying luxury items and then couldn’t pay for them. If that ever was true, it certainly is not true now.
People seeking bankruptcy protection are likely to be middle-aged, not 20-somethings. Most (70%) are high school graduates and may have some college. In fact, while still a small percentage overall, seniors over age 65 are twice as likely to be filing as in the past. As more people reach retirement age with less secure retirement savings and weakened health insurance plans, the number of older people falling into financial distress should increase. Experienced Bankruptcy Attorneys in Ft Wayne IN help people get their lives back on track. Anyone who is being hounded by creditors and laying awake at night worrying about overdue bills should schedule a free consultation to explore the available options at.
What caused these people to finally decide to file for bankruptcy? These are hard-working people. Almost 70% have jobs, either working for someone else or self-employed. An additional 10% are retired. So what happened to them to push them under-water?
Almost 3 out of 4 had incomes that were less than $30,000 per year, with many of those earning below $20,000 per year. These are the paycheck-to-paycheck people, without the resources to survive large, unexpected expenses. In fact, over half of those pursuing bankruptcy protection state that the primary reason is unexpected expenses. Medical expenses are cited as a primary factor by over 30%. As the general population ages, that may well increase.
Job losses and reduced incomes caused financial problems for many, as would be expected. Even when laid-off workers find a new job, it often pays much less than the lost job. Of course, credit cards still account for much of the debt. People without savings rely on credit to cover the gap, but that can only continue for so long.
Ripke Law PC focuses on bankruptcy law. For the past 13 years, Attorney Holly M. Ripke had been devoting all of her expertise to unraveling the complicated bankruptcy process for those who have sought her assistance. She understands how stressful this time is and helps to resolve the financial burdens.
