Search

Bankruptcy Statistics

A lot of cases of bankruptcy are not caused by crazy or reckless spending, but by financial hardship. Many lower-income individuals who simply can't afford to deal with unexpected major expenses such as job loss or high medical bills.


The number of bankruptcy filings in the United States has steadily increased over the last century, especially from 1980 to 2005. The majority of bankruptcy cases are now filed by consumers and not by businesses. It used to be 13 percent that it was accounted for, now it is only 3 percent.


Annual bankruptcies vary by state. Bankruptcy policies are different in each state and because some states are more populated than others. Studies have shown bankruptcy occurs more often in states with more lenient wage garnishment laws. Although there is a typical profile of someone in bankruptcy and certain life factors that make bankruptcy more likely,no one is immune to severe financial troubles.


For more information on bankruptcy in or around the Houston area, schedule a free meeting with a bankruptcy lawyer from the Rashid Law Firm by calling us at 832-209-8833 to schedule a free initial consultation.


Recent Posts

See All

An example of cross collateral is when you have a vehicle being financed with a credit union and also have a credit card with that same credit union. If you file for bankruptcy under chapter 13, the v

Si estas buscando un abogado de bancarrota en Houston que habla español pues ya lo encontró. El abogado Rashid habla español con fluidez ya que se crío en Puerto Rico. llámenos ahora si necesitas elim