If you have overwhelming debt - you are not alone. Everyday, I meet with clients who seem completely convinced he or she is the only one experiencing terrible financial difficulties. Guess what - a lot of people are going through very hard economic times. 1 in 3 homes in California are “under water.” There are record numbers of individuals and companies filing for bankruptcy (1.6 million in 2010).
In case you are wondering who actually files for bankruptcy, here is a snap-shot of my last 100 cases.
- Income ranged from $8,400 - $156,000.
- 65% were married
- 51% had children
- Age ranged from 24 - 63
- Occupation includes: Assistants, bankers, business owners (25%), technology, government employees, doctors, lawyers, real estate and teachers. (Just to name a few.)
There is no demographic for people who file for bankruptcy. Debt can affect everyone from the poor to the rich. The people that I meet everyday are people just like you, your neighbor, your sister, brother, mother, father. More and more, I meet with people who did everything right, yet have fallen victim to this terrible economic times and are now seeking relief through bankruptcy. Bankruptcy is not a four letter word.
