The year 2008 wasn’t exactly a banner year for the U.S. economy, but this is hardly news. While the bank and credit collapse happened what seemed like all at once, it had been simmering on the back burner for a while, also not news. For starters, the fact bankruptcy filings rose dramatically during 2008 is a good indication of this, despite the tightening of the bankruptcy laws in 2005.

So who is filing bankruptcy – have any of your friends ‘fessed up to this? I’ve heard plenty of people tell me they are out of work, and even having credit and debt problems, but not one person has told me they are filing for a BK. I guess it’s still regarded as a shameful occasion.

My curiosity got the better of me and like all things to do with credit and debt, I had to look it up. The answer may surprise you. According to this source, here are the highlights of what I found out.

• According to the numbers, if you have no education, you are the least likely to file bankruptcy. Things that make you go “hmmmm”.
• Taking a look at the unemployment numbers, you’re 3 times more likely to file for bankruptcy if you’re employed versus unemployed. That’s not what I expected or what seems to make sense to me.

Now let’s show you all the figures in the study.

Education
High School/GED: 38.5%
Some College: 29.4%
Bachelor’s Degree: 12.3%
Associate Degree: 8.6%
Graduate Degree: 5.3%
Primary School: 5.2%
None: .7%

Gender
Male: 47.4%
Female: 52.6%

Income
60K+: 8.1%
50-60K: 6.5%
40-50K: 10.4%
30-40K: 16%
20-30K: 21.9%
Less than 20K: 37.1%

Age
65 and up: 7.3%
55-64: 15.6%
45-54: 26%
35-44: 29.4%
25-34: 19.5%
18-24: 2.2%

Employment
Employed: 63.4%
Unemployed: 13%
Self-Employed: 9.9%
Retired: 8.7%
Homemaker: 4.2%
Student: 0.9%

Ethnicity
Other: 3.2%
Asian: 3.6%
Latino: 7.4%
Black: 12.5%
White: 73.3%

Are you surprised by some of the numbers? Tell us about it by leaving a comment!

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