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Bankruptcy Debtors by the Numbers
If you’re interested in who is filing bankruptcy, look into the latest ABI Journal’s Bankruptcy by the Numbers to learn more about bankruptcy debtors by the numbers.
Decline in bankruptcy filings
Bankruptcy filings have declined by nearly one-third since peaking in September 2010. And the total number of bankruptcy filings across all demographics have declined broadly since 2010. Bankruptcy debtors need not report their gender, age, or educational background. Nor must they report the factors that led them to file for bankruptcy. Still, we can glean some very interesting insights about bankruptcy debtors by the numbers.
Changes in bankruptcy debtors
In both Chapter 7 and Chapter 13 cases, assets and liabilities per case were considerably lower in 2012 than in 2010, particularly in the categories of real property and secured debt. In addition, median debtor income and expenses increased from 2008 to 2010 as total filings were increasing. Median income and expenses have decreased for debtors in both Chapter 7 and Chapter 13 since 2010. In fact, the typical debtor in 2012 reported lower assets and debts, lower income, and lower expenses than the typical debtor in 2010.
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Brian Lee from Lee Legal was an amazing attorney to work with. He took his time, reviewed my documents and we discussed my situation thoroughly. He explained the process and my options as well as gave his recommendation. Not only did he assist, but he ensured that I knew this...
I was very nervous and scared about going through this process. But Brian was very knowledgeable and helped me through it. I was notified about any and all updates to my case and he was very responsive when I had questions regarding any concerns I had. Although a bit nerve...
Brian provided me with a very detailed analysis about my potential case after our first consultation. He promptly responded to all my complex questions, especially navigating student loans and some tax discussions. He is very professional and experienced at what he does, I would...
I've had the pleasure of working alongside Brian V. Lee for several years, and I can say without hesitation that he is one of the most knowledgeable bankruptcy attorneys in the DMV area. Brian's command of Chapter 7, 11, and 13 practice is exceptional, and his clients in the DC...
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Brian is both warm and professional. He helped me navigate a financial issue that I had not been looking forward to working on and he made the entire experience non-stressful, receiving a lot of anxiety I had around the matter. He is straight forward and a fantastic problem...
I had the opportunity to work with Brian at a time when I was challenged by a professional setback and forced with the challenge of making some very difficult legal decisions. Additionally, I worked with him again as I was dealing with some financial issues pertaining to my...
Still several years from Public Service Student Loan Forgiveness and saddled with significant student loan payments in proportion to my income, I came to Lee Legal to explore the bankruptcy path. Through his counsel, Brian took the fear out of the process and helped me to...
