Ft Worth Bankruptcy Attorneys See Increasing Number Of College Graduates As Clients

By Author: Larry Chandler
Total Articles: 739
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There was a time not too long ago in the American culture where people thought that bankruptcy was a financial disgrace reserved only for those people who had menial jobs or individuals that had suffered a major crisis such as a medical condition or complete loss of work. However, new research indicates that people with college degrees and high-ranking incomes are making up a larger number of total cases taken on by Ft Worth bankruptcy attorneys.


To put it bluntly the severe decline in the American economy has affected everyone regardless of age, culture background, or education levels.


Findings of New Report


In 2005 the first Consumer Bankruptcy Demographics Report was prepared by the Institute for Financial Literacy. With the report of the year 2010, the Institute had 5 years worth of information to consider for its new insight. The data was collected over the years by the Center for Consumer Financial Research, one of the institute’s divisions. Here are some of the key findings:
Over the 5 year period, the number of people who earn more than $60,000 ...
... and file bankruptcy has increased by over 60%.
The number of people with a college degree has increased their bankruptcy filings by as much as 20%.
Since the year 2006 people 34 years of age and under have actually decreased in bankruptcy filings by 30%.
Over 60% of people that file bankruptcy are married couples.
The number of Hispanic people filing bankruptcy has inflated by as much as 30% while the number of Asian Americans who file bankruptcy has doubled.
The top reasons cited by people who file bankruptcy are illness/injury, too much debt, and divorce.
Bankruptcy Has No Fear


The final point in that list is likely the most important item to consider. Most people seek help from Ft Worth bankruptcy attorneys because they were blindsided by an unexpected crisis. A loss of job due to downsizing, a major accident that leaves a person holding a lot of medical debts and possibly reduced income, or a messy divorce are not the normal part of life for the majority of Americans. Regardless of a person's level of education or type of job, a major catastrophe can have a dramatic effect on their finances. This type of tragedy is the primary reason the bankruptcy system was put into place.


Everyone needs a helping hand from time to time and in some cases that help comes in the form of getting legal relief from creditors. If you have suffered a setback that seems to be overwhelming you then maybe it is time to consult with one of the bankruptcy attorneys in Ft Worth. Getting the help that you really need can put an end to some of the stress and troubles that you are facing and help restore hope that there will be a brighter day ahead.

Larry Chandler is a freelance writer for Ebert Law Offices, a Fort Worth bankruptcy attorneys firm. To contact one of the Fort Worth bankruptcy lawyers, visit their website Ftworthbankruptcy.com.