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Bankruptcy Case: (Typical Profile) American Income Middle Class Bankruptcy

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Bankruptcy Case Profile

  • Average age: 38;
  • 44% of filers are couples;
  • 30% are women filing alone;
  • 26% are men filing alone;
  • Slightly better educated than the general population;
  • Two out of three have lost a job;
  • Half have experienced a serious health problem;
  • Fewer than 9% have not suffered a job loss, medical event or divorce;
  • Highest bankruptcy rates: Tennessee, Utah, Georgia, Alabama.

Source: The Fragile Middle Class: Americans in Debt;
Elizabeth Warren, Harvard Law School; Smith Business Solutions

  • The typical family filing for bankruptcy in 1997 owed more than one and a half times its annual income in short-term, high-interest debt. A family earning $24,000 had an average of $36,000 in credit card and similar debt.

Federal Reserve (1997)

 

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