People aged 65 and over represent approximately 8% of taxpayers, while those aged 34 and younger make up 19% of filers. Recent studies have revealed that 8% of bankruptcy filers have done so at least once before, accounting for 16% of all bankruptcy cases. Statistics from the American Bankruptcy Institute show that 20% of filers have a college degree, 29% have some type of college education, and 36% have graduated from high school. Even President Trump has filed for corporate bankruptcy multiple times, filing a Chapter 11 bankruptcy lawsuit up to six times.
Alabama has the highest average number of bankruptcy filings per consumer, with the third lowest average credit score among all states analyzed. Contributing factors could be the seventh highest poverty rate in the country and one of the lowest personal income levels in the country. Kentucky has a higher average credit score than Alabama and a lower average total debt burden, yet still has one of the highest bankruptcy rates in the country. The state has the sixth-highest poverty rate in the country and personal income levels are the 45th-lowest in the country.
Tennessee also has one of the highest bankruptcy rates in the country, with the eleventh highest poverty rate in the country and personal income levels ranked 38th out of 50 states. More than half of the 10 states with the most bankruptcy filings are located in the South (Alabama, Arkansas, Georgia, Kentucky, Mississippi and Tennessee). Southern states also have some of the highest poverty rates in the country, which could be influencing their high bankruptcy rates. Our data showed that a higher debt burden does not necessarily lead to higher bankruptcy rates; in fact, the average debt in states with high numbers of bankruptcies is lower than that of states with low numbers of bankruptcies.
Filing for bankruptcy significantly damages credit ratings for seven or 10 years, depending on the type of bankruptcy. It is important to maintain good credit and avoid bankruptcy if possible. ProPublica found that debtors with black zip codes were much more likely than those in white zip codes to file under Chapter 13. Divorce statistics showed that 48% of women who file for bankruptcy do so because of a divorce. Medical bills are indebting many Americans and forcing them to file for bankruptcy.
By analyzing Chapter 7 and Chapter 13 bankruptcies, ProPublica found that debtors with black zip codes were much more likely than those in white zip codes to file under Chapter 13. Mark Twain (Samuel Clemons) had to declare bankruptcy after trying to self-publish and investing in several businesses. Six countries in Asia-Oceania reported a decline in bankruptcies, while five experienced an increase and two remained stable. Bankruptcy trends indicate that people declare most bankruptcies, not corporations as many believe. It is difficult to get more information other than that regarding personal bankruptcies in the U. S.
UU. every year. While there is a typical profile of a bankrupt person and certain factors that make bankruptcy more likely, no one is immune from serious financial problems. The BAPCPA stipulates that consumers can only file Chapter 7 bankruptcy if they earn less than the average income in their state or if they pass a resource test that shows they could not afford a payment plan for their debts. According to health care bankruptcy statistics, medical bills are responsible for 18-26% of bankruptcies.
Over a certain period, filers aged 55 and over more than doubled, now representing 20% of all filers. Experian data reveals that Alabama has the highest bankruptcy rate per consumer at 0.14 (14 bankruptcies per 100 residents). In order to provide a more accurate picture of where debtors file for bankruptcy most frequently, states are ranked according to their number of bankruptcies per 1,000 residents.
