Bankruptcy Statistics

//Bankruptcy Statistics

More American seniors are filing bankruptcy

Senior struggling with bills

This year, we’ve seen more older Dallas-area residents filing for bankruptcy, which unfortunately, isn’t surprising. According to national study, more American seniors (over the age of 65) are filing for bankruptcy than ever before.

The cost of living continues to increase for everyone, and for many older Americans, combined with rising healthcare costs and increasing debt, bankruptcy becomes the only option.

According to the study, the average debt for families with a head of household over the age of 75 has increased drastically since 2010, when it was only $30,288. In 2016, the average debt for the same families was $36,757.

Even more shocking, the number of families 75 and older with debt increased a staggering 60% from 2010 to 2016.

The average Social Security check is only $1,404 a month, and according to government data, that check accounts for more than 90% of the monthly income for over 40% of single seniors.

If you’re a DFW area senior and you’re struggling with debt, or your monthly expenses always exceed your monthly income, we can help! Call us today at 214-760-7777 for a free consultation. We’ll walk you through your options, so you’ll feel confident that you’re making the right step to move forward.

Bankruptcy might be closer than you think…

bankruptcy might be closer than you think

According to the latest US Census data (from 2010), the average family has $7,360 in revolving debt (typically, mostly credit cards). The data also shows that the average household owes $11,244 in student loans, $8,163 on automobiles, and $70,322 on a mortgage.

Total that all up, and that’s $97,089 in debt – and we know that current data shows that the average debt per family has increased.

It doesn’t take much to push a family over the edge of a downward spiral. If you’re living anywhere close to paycheck to paycheck, or if you don’t have much in savings, a single event can put you in a situation where debt skyrockets.

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2014 Dallas Bankruptcy Cases

Dallas bankruptcy attorneyIf you’re struggling with overwhelming debt, you’re not alone. Thousands of Dallas area residents have filed for bankruptcy so far this year.

According to court records, 3,866 bankruptcy cases have been filed in the Northern District of Texas, Dallas Division between January 1, 2014 and the beginning of August. The Fort Worth Division has seen 3,267 bankruptcy cases filed, and the Sherman Division has seen 1,705. We include the Sherman Division in the numbers because our office in Frisco allows us to assist clients who live further north.

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The 2 Income Trap

Working ParentsTwo children, two incomes, a home with a white picket fence; it’s the quintessential American Dream. However, this American Dream has morphed into a survival regimen that many families simply cannot endure.

Parents are in worse economic shape than ever before. Married couples with children are twice as likely as childless couples to file bankruptcy. According to the authors of the book, “The Two Income Trap,” having a child is the best indicator of whether someone will end up in financial collapse. The book was written by Elizabeth Warren and Amelia Tyagi, a mother and daughter team (Harvard law professor and MBA) who did an extensive study on the nature of bankruptcy in America.

The authors maintain that the introduction of mothers into the workforce, rather than easing the financial strain of raising a family, sets their families up for financial disaster as the cost of raising children spirals out of control. More children will go through their parents’ bankruptcy than their parents’ divorce. One in seven middle-class families will file bankruptcy this year. These figures are staggering for middle class families.

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By | July 15th, 2013|Bankruptcy Statistics, Personal Finance|Comments Off on The 2 Income Trap

Fact or Fiction? If I file for bankruptcy in Texas, everyone will know.

Many people won’t even consider filing for bankruptcy because they fear that everyone they know will find out. It’s a valid concern, too. No one wants the whole world to know his or her private affairs.

That’s where we have good news. If you file for bankruptcy in Texas, the whole world won’t automatically know. (more…)

By | March 14th, 2012|Bankruptcy, Bankruptcy Myths, Bankruptcy Statistics, Texas Bankruptcy|Comments Off on Fact or Fiction? If I file for bankruptcy in Texas, everyone will know.