In researching this post, the one clear fact that I could find was that the term ‘average’ here was hard to define.  Trying to build a profile isn’t easy since there are few statistics available on a national basis. However, there is information around that does help to build a basic profile of bankruptcy petitioner. And you may be surprised by the results.

The following list is only an indication of the type of people who file for bankruptcy – it should be remembered that people from all walks of life file for bankruptcy and there are a wide range of reasons behind their need to file. Typically, the average bankruptcy petitioner is:

  • aged between 38 and 42
  • almost half are couples followed by single women (often after being left with debts following divorce or the death of their spouse) and single men
  • have completed high school with almost half having attended college
  • have suffered recent unemployment, divorce, or illness
  • live in California (20% of all bankruptcy petitions are filed through the 8th Circuit and Districts bankruptcy courts)

Latest statistics show that, for the 12 months to 31 March, 1,516,971 petitions were lodged for personal bankruptcy. If almost have of those petitions were from couples, that relates to over two million residents filing for bankruptcy over the last 12 months -and this has been a reasonably stable figure over the past five years.

By extrapolation, that means that ten million residents have filed for bankruptcy over the past five years. If you add children to the mix, you could possibly double that to 20 million – that’s around 6% of the total population having either filed, or in the case of children, been affected by bankruptcy.

The bottom line is simple – while you can put together a profile of an average bankruptcy petitioner, it is only an average. Bankruptcy can affect anyone at any time in their life, often through factors that they have little control over.

While many feel shame at the prospect of having to file for bankruptcy, you shouldn’t. There are millions of other people in the same situation as you – and bankruptcy, rather than being a shameful act, could be the one act that helps to improve your life.

If you feel you need to file for bankruptcy, then see a bankruptcy attorney. If the need really exists, they will help you through the process in such a way that you gain the most benefit legally available to you from the process. Then you can start your life over.