CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Who Files for Bankruptcy?

Who Files For Bankruptcy And Should I File For Bankruptcy In Florida?Should I File for Bankruptcy?

If you’re considering bankruptcy and you feel as if you’re the only person in the world struggling with financial obligations, you aren’t alone. Not only are you not the only person, but you also aren’t the only one who feels this way. Financial challenges that are severe enough to consider bankruptcy are an isolating feeling for most.

It’s a situation that’s even worse if you don’t know anybody who has filed and/or you have people in your life who have negative opinions about bankruptcy and the type of person who might file.

But what’s the truth?

Logic tells you there are plenty of people who have filed for bankruptcy, but who are they? Are they like you?

Chances are at least a few of them are because people from all walks of life file for bankruptcy. They come from all different backgrounds, all different income levels, and all different experiences. People who file for bankruptcy are married and unmarried, homeowners and renters, college-educated and GED earners, and everything in between. They are young and old and middle-aged.

And they are opting for bankruptcy because they are struggling financially and want to do something about it.

Every Year Many Different People File for Bankruptcy

In a typical year, three-quarters of a million people file for Chapter 7 bankruptcy. That number is expected to grow in 2020, possibly significantly.

As a matter of fact, there has never been a time that filing for bankruptcy should have less of a stigma. Events entirely beyond our control have created a financial crisis across the country and throughout the world. For many, bankruptcy is now the most sensible option to get beyond this period and look toward the future.

Who is Filing?

What do we know about the people who file for bankruptcy?

According to the Institute for Financial Literacy:

  • About three-quarters have a job or are self-employed
  • Nearly one-third make more than $30,000 a year
  • Almost all of them graduated from high school
  • More than half have at least some college
  • 5% have a graduate college degree

Why Are People Filing?

There are plenty of events and choices that might lead someone to bankruptcy. But the most common reason by far is medical debt. Nearly half of all filers cite medical bills as the reason they had to take drastic financial measures.

Medical debt is unsecured, so filing for Chapter 7 results in the discharge of that debt. This means you won’t legally be obligated to pay the massive medical debt you’re facing. Filing for Chapter 13 can help you reorganize your debt and offer even more protection for your assets.

Regardless of which chapter you choose, bankruptcy can help you deal with crippling medical debt.

Other common reasons people file for bankruptcy include:

  • Student loan debt
    Loss of a job
    Credit card debt
    Divorce

Sometimes it’s a combination of multiple factors. In every case, a person might have a little bit of control over how bad the situation got, but for most, events beyond their control led them down this path. Having to file for bankruptcy was not their fault and it isn’t yours. But filing is a way to empower yourself and regain control of your financial future.

The bottom line is that bankruptcy affects people of all ages and all socioeconomic classes. Some would even say there is no “type” or “average” person who files. Life is too unpredictable to know who exactly will face events and circumstances that lead them to bankruptcy.

If you’d like to know more or you believe it’s time to discuss bankruptcy with someone who can help you, contact the Law Office of Robert M. Geller at 813-254-5696 to learn more.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

10 Signs You Should File for Bankruptcy

When it comes to your finances, there may come a time when you feel like bankruptcy is the only way...
Read More

What Do You Need to Know Before Filing for Bankruptcy? A Chapter 7 Bankruptcy Attorney in Florida Can Help You During this Time

What happens during the time leading up to filing for Chapter 7 bankruptcy? A Chapter 7 bankruptcy attorney in Florida...
Read More

What Does It Mean to Declare Bankruptcy?

What does it mean to "declare" bankruptcy? Your bankruptcy law attorney will help you through the process. Declaring bankruptcy is...
Read More

Student Loan Forbearance Ends April 30th. Here’s What You Need to Know

The federal government extended forbearance of repayment of student loans during the COVID-19 crisis. This forbearance was due to end...
Read More

Is Better Money Management on Your List of Resolutions for 2022?

If you’re like most Americans, improving your financial situation is on your list of New Year’s resolutions for 2022. Whether...
Read More

3 Reasons to Send Your Bankruptcy Attorney in Tampa Florida a Christmas Card

Have you begun making your Christmas card list yet? Did you include your bankruptcy attorney in Tampa, Florida? It seems...
Read More

What Was the Biggest Money Management and Bankruptcy News of 2021?

Like most years, bankruptcy was a topic that arose in the news many times throughout 2021. Topics related to money...
Read More

3 Best Bankruptcy Tips of 2021

Learning how to manage your money is an ongoing process. Even the smartest money minds out there can always learn...
Read More

How to Prevent Bankruptcy from Ruining Your Holiday Season: Why a Spending Spree Before Bankruptcy Could Hurt You in the New Year

Should you go on a spending spree before bankruptcy to celebrate the holiday season? The answer might surprise you. The...
Read More

How to Avoid Holiday Overspending

The holidays are upon us and, as usual, many people are trying to keep their spending within a budget. As...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions