Top 10 Filings by State for Personal Bankruptcy
In the United States, there are more frequent occurrences of personal bankruptcy than people realize. Personal bankruptcy rates rates in The United States have dramatically increased over the past century. It used to be that bankruptcy filings were rare, especially during 1900-1950. It has been since 1960, that there have been an increasing rate of bankruptcy for a number of reasons in the United States. In 2005, the country reached an all time high of high volume of bankruptcy cases filed than ever before. It was in 2005 that there were 55 U.S. households that file or bankruptcy. Bankuptcy filings, however, vary from state to state and is important to remember that. This will be the reason why some states have a higher filing rate than other states.
Who is at High Risk of Becoming Bankrupt?
The most typical American filing for bankruptcy is a graduate from high school that is heading a Lower-Middle Class household. Bad habits with money mismanagement and heavy credit use, is what usually leads many of these bankruptcy filers to a bankruptcy position. 38 is the average ages of people filing for bankruptcy in the U.S. Couples in the U.S. account for 44% of filings, while women filing alone is 30% and 26% of men file alone.
What is the Leading Cause of Personal Bankruptcy?
A common cause of bankruptcy is consumer heavy consumer debt. There are also other significant factors that commonly lead to filings, which are:
- Loss of employment
- Death of family member
- Large medical expenses
These are all significant life changing events. It is interesting to know that fewer than 9% of people filing for bankruptcy haven’t experienced one of these life changing events.
How Utah Ranks for Bankruptcy
This is based on every 100,000 people
District of Columbia: 405
Alaska & Nevada (tie): 351