The Institute for Financial Literacy recently compiled a demographic study of bankruptcy filings for the US . Their findings show which demographic groups are more or less likely to file for bankruptcy. While the study was for the whole country, I’m sure Arizona residents can take something away from this insight into bankruptcy.
Bankruptcy by Age Group
The most likely age group to file for bankruptcy is 35-44 year olds, followed closely by 45-54 year olds. The least likely are those 18-24 years of age.
Those who completed some college are far more likely to file for bankruptcy, followed by those with an associate’s degree or primary school-only education. Those with a bachelor’s degree are tied with those who have no educational background as the least likely filers. High school graduates fall somewhere in between.
There is a direct correlation between income and bankruptcy, with the lowest earners being most likely to file, and those making more than $60,000 a year the least likely.
Blacks and whites are about neck and neck for first place in this category, followed by Asians, Native Americans, and Hispanics.
Not surprisingly, divorced couples are the most likely to file, but they are followed most closely by married folks. Single and widowed people are about tied for least likely.
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We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona file for bankruptcy or work through tough tax problems every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing debt. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.