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When Bankruptcy Makes Cents

When Bankruptcy Makes Cents Bankruptcy = you owe more than you can afford to pay 1221,001 Bankruptcies Americans Bankruptcy Trends Bankruptcy filings in the U.S. have increased steadily, with a surge from 1980-2005. • 2011 saw 1,410,653 bankruptcy filings, nearly 4X the prior 30 years combined. 1,410,653 Bankruptcy fiings hit an all-time high in 2005 with more than 2 million. • l in 55 households filed for bankruptcy. 2 million AAAI Bankruptcy filings dipped to the lowest point in 20 years during 2006 (about 600,000). Most bankruptcies are filed by consumers, not businesses. Business make up 3% of bankruptcy fiings today. down from 13% in 1980. 3% Califomia had more than 240,000 bankruptcies in 2011, the most in the U.S. Number of annual bankruptcies varies by state. • The amount of assets one can keep when filing for bankruptcy varies from state to state. • States with lenient wage-gamishment laws have more bankruptcies. Signs You are in Danger of Bankruptcy You can't pay your bils and your debt is mounting. You use credit for necessities ike groceries or gas. You can only afford the minimum credit card payments. You're using ne credit Your mortgage payment consumes all card/loan to pay for another. your money, Thinking of your finances makes you feel scared or out of control. You are considering debt You are unsure how much Bill collectors All your income goes toward payments. are calling. you actually consolidation. owe Reasons People Go Bankrupt Medical Expenses Poor/Excess Use of Credit Job Loss #1 COuse of bankruptcy Insufficient emergency savings Average credit card debt is $15,257 $15,257 per U.S. household ($849 billion nationwide) 62% of all personal bankruptcies Using credit cards to pay bills Credit card interest rates are 78% of those who declare bankruptcy have health insurance. The loss of health insurance/cost of COBRA much higher than traditional loans Credit cards make controling spending difficult. Unnecessary items bought with credit - bad debt Divorce/ Separation Unexpected Expenses Missing or late payments bring high penalties and a lowered credit score Loss of uninsured property can lead Expenses include: to bankruptcy: Legal fees Division of marital assets • Many homeowners do not have adequate disaster insurance. Theft Earthquake • Bankruptcy filings increase in areas hit by disasters. Flood Tomado Child support Alimony aco onacoutudatcutorkupteyiot Cost of A maintaining two households instead of one Brought to you by: DOAN LAW FIRM uP Calfornia's largest Famyof Amarneys ECO EEEEEE

When Bankruptcy Makes Cents

shared by CamilleMitchell on Apr 29
Our infographic below states a number of facts and trends among people and companies who have filed for bankruptcy in the past. Use this data gathered below to determine whether filing for bankruptcy ...


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