The Annual Percentage of Americans That File for Bankruptcy
Dec. 26, 2022
As an experienced St. Louis bankruptcy attorney, I know first hand that there are a number of reasons that you may now be considering it as a debt-relief option. And, you’re not alone, because hundreds of citizens file for Chapter 7 or 13 in Missouri every month.
Recent U.S. Bankruptcy Stats for 2022
When the average American citizen thinks about bankruptcy, they may sometimes associate the term with rich people who are probably spending more money than they actually make, which causes them to file for Chapter 7 or 13. Credit problems are one of the most popular reasons that Americans file for bankruptcy, and is the reason that many people in our area of the Show-Me State seek out the services of a trusted St. Louis bankruptcy attorney.
But, did you know that more and more people nowadays are filing for bankruptcy not only for unexpected occurrences such as a divorce or because of losing a long-time well-paying job? In fact, experts on the subject have concluded that, overall, the reason most people actually file is because of financial hardship, not for thoughtless overspending.
Sources indicate that there were around 400,000 bankruptcy filings in 2021 in America. And, although Statista reported that these filings have been declining over the last decade, they still counted just over 399,000 personal cases that year.
A little later Investopedia did their numbers, and counted a total of just over 401,000 filings by the end of 2021.
Recent Bankruptcy Statistics for St. Louis
When you look at the court’s case processing stats for 2021, you’ll see that there were over 5,500 cases filed in this area of Missouri (over 3,600 for Chapter 7, and 1,800 for Chapter 13). And, to give you an idea of how many people here file for either Chapter 7 or 13 bankruptcy every month, the courts reported over 430 of them in September of 2022 alone.
Call Your Trusted St. Louis Bankruptcy Attorney Today
If you have been examining your financial situation, and have been asking yourself whether or not filing for Chapter 7 or 13 bankruptcy would be a good option, then it’s easier than ever for you to find out by contacting me at AKS Law. Phones are answered 24/7 at both our Clayton and Franklin County offices, so don’t hesitate to give us a call today.