Sunday, August 1, 2010
MORE MIDDLE CLASS FILING FOR BANKRUPTCY
In its 2009 Annual Consumer Bankruptcy Demographics Report released last month, the Institute for Financial Literacy (IFL) found greater percentages of Americans 55 and older filing for bankruptcy. The report also found a rise in filings among Americans who are earning $60,000 or more, are married and have either a bachelor's or graduate degree. In comparison to its previous reports, the IFL found declines in the percentage of Americans ages 18-44 filing for bankruptcy. "Taken collectively, these individually measured demographic factors indicate that the 2008-2009 Great Recession is noticeably shifting more 'middle class' Americans into bankruptcy," according to the report. The report examined a sampling of demographic information gathered during the full year of demographic information covering the period from Jan. 1, 2009, through Dec. 31, 2009. The results are compared to the findings from 2008.