My Account Login Logout Map to Office Contact Us Public Home Page Call: 1-214-999-0595

Dallas Bankruptcy Blog

College Education Doesn't Protect Consumers From Needing Bankruptcy Protection

By Bill Anderton on 09/22/2011 02:19 PM

0 Comment(s)

Neither a college education or high paying job is enough to protect consumers against filing for personal bankruptcy according to the 2010 Annual Consumer Bankruptcy Demographics Report released by the Institute for Financial Literacy, a national nonprofit financial education and counseling organization based in Maine.

Key demographic findings include:

  • College education doesn't appear to ward off bankruptcy as the rate of degree holders filing bankruptcy increased by 20%;
  • Bankruptcy filers earning incomes above $60,000 increased their rate of filing by over 66%;
  • Asian American filings have doubled while Hispanic/Latino filings increased by over 33%;
  • Americans age 34 and younger decreased the rate of filing bankruptcy by over 30% since 2006;
  • The Gender Gap in bankruptcy filings is closing;
  • Americans who are married are more likely to file and represent over 60% of all filings; and
  • The primary reasons for financial distress include overextension on credit; unexpected expenses, illness/injury and divorce.

Click here for the full press release.

Click here to download the full report.

 

RSS

You can post to this blog if you are logged in and have access to the Staff area.