There is a stigma surrounding the topic of bankruptcy that makes it a “hush-hush” topic for many people. More often than not, clients come to the Bankruptcy Lawyers at Kain & Scott after trying their hardest to avoid filing bankruptcy. It isn’t like the court is going to stamp the word “BANKRUPTCY” on your forehead, but for many it can feel that way. The hardest part in filing bankruptcy is often accepting that bankruptcy may be the best solution to your overwhelming debt. What people should realize, is that bankruptcy doesn’t have a look, a lifestyle, a gender, an income, or a one-size-fits-all story. Bankruptcy is a single solution to an infinite number of problems for a diverse range of people.
GENDER
In the last month, I have met with over 40 people to discuss their unique sets of circumstances and debt issues. When looking back at the gender of each of those people, I was shocked by the percentage of men versus women that I met with. Of those I met with, exactly 50% were male and 50% were female! What are the chances!
AGE
Historically, the age range for bankruptcy filers in the U.S. is a bell curve. In 2006, the majority of bankruptcy filers in the U.S. were between 35-44 years of age. That is no surprise, because that is the largest age group by population.
Of my clients in the last month, the bell curve model fits, except for one age group: 65+. Of my clients in the last month, 3.7% were 18-24, 18.6% were 25-34, 22.2% were 35-44, 37% were 45-54, 7.4% were 55-64, and 11.1% were 65+. While this is a small sample size, it (almost) mirrors the national standard.
EDUCATION/PROFESSION
This category is scattered across the board. Through my position, I am able to meet a wide variety of individuals from vastly different walks of life, educations, and professions. As far as I can tell, there is no connection between ones education or profession and the need to file bankruptcy. For fun, here is a list of some of my recent clients’ professions:
Art Director, Branch Manager, Bus Driver, Car Sales, Clerk, Contractor, Delivery Driver, Electrician, Fraud Investigator, Landscaper, Medical Student, Operator, Photographer, Regulatory Operations Specialist, Retired, Small Business Owner, Software Developer, Teacher, Unemployed, Welder, and Yoga Instructor.
INCOME
Income is an interesting topic in bankruptcy, because honestly, IT DOESN’T MATTER! What matters is whether you have debt that is weighing you down – making it difficult to pay for your basic necessities like a roof over your head, food on the table, and clothes on your back. Basically, the only time we consider your income in filing bankruptcy is in choosing which Chapter of bankruptcy is the right fit for you. Anyone can file bankruptcy at any income. If you feel that you are living paycheck to paycheck and it seems an impossible feat to pay off your debt obligations, than bankruptcy may be a solution for you!
CAUSE OF DEBT
At Kain & Scott, we believe there are five main causes of overwhelming debt:
1) Business Failure
2) Income Drop
3) Divorce
4) Medical Problems
5) Bad Financial Decisions
Almost every cause of debt that I see falls into one of these five categories. Guess what? Debt is boring. I hear about causes of debt all day every day and the thing is, it really doesn’t matter where your debt came from. What matters is that you are taking steps toward eliminating your debt. Regardless of the cause of your debt, the solution is often the same: bankruptcy. Most debts are dischargeable in bankruptcy, which means bankruptcy is the single solution to an infinite number of problems for a diverse range of people.
Whether you found the above information relatable or not, bankruptcy may be the solution to your debt problem. If you have overwhelming debt and want to discuss whether bankruptcy is right for you, schedule a Free No Obligation Consultation with myself or one of the other attorneys here at Kain & Scott. We would love to hear your story and help you find the relief you are seeking!
