Bankruptcy Statistics
Statistics on bankruptcy filings clearly reflect the tough economic times we’re
in, and unfortunately things look to be the same in 2010 as the economy starts
to turn but still remains weak. Year-over-year from 2007 to 2008, personal
bankruptcy filings increased 33%, and 2009 saw a 32% increase from the previous
year with over 1.4 million consumer bankruptcy filings. Nationwide, that means
about one in every 80 households filed for bankruptcy. Of those 2009 personal
bankruptcies, 205,000 were filed in California.
Unique to the current economic times we’re experiencing, personal bankruptcies
are now cutting across every layer of society. On average, those filing today
tend to be married, with higher incomes than previously, and are in their
mid-40’s. One-third of those filing experienced job loss or job reduction
triggering their financial hardships, 20% were adversely affected by
overwhelming medical expenses, and 61% filing had no funds in emergency savings
when the event occurred that pushed them into bankruptcy.
Bankruptcies Filed by Famous People
Do you think only “down-and-out” individuals are the ones that file for
bankruptcy? Think again. Throughout American history starting with some of the
Fathers of the Constitution, notably Thomas Jefferson, there have been
Presidents and many high profile or celebrity individuals who have filed
bankruptcy as a smart remedy to start fresh after facing severe debt challenges.
The bankruptcy laws provided them a new financial opportunity, enabling them to
regain their financial footing and for most, to become well-off again.
All of these have filed for bankruptcy:
|
Donald Trump |
Walt Disney |
Henry Ford |
|
John Wayne |
Ulysees S. Grant |
Willie Nelson |
|
Larry King |
Francis Ford Coppola |
Kim Basinger |
|
Tom Petty |
Meatloaf |
Toni Braxton |
|
Tammy Wynette |
Marvin Gaye |
Wayne Newton |
|
Lenny Dykstra |
Johnny Unitas |
Lawrence Taylor |
|
Burt Reynolds |
MC Hammer |
Anna Nicole Smith |
|
Perez Hilton |
LaToya Jackson |
Debbie Reynolds |
|
Ruben Studdard |
Stephen Baldwin |
Dorothy Hamill |
|
Mike Tyson |
Jerry Lee Lewis |
Andy Gibb |
|
Mick Fleetwood |
Cindy Lauper |
Michael Vick |