Bankruptcy Statistics Archives - Rubin & Associates

What is a gray bankruptcy?

For the first time in a long time, the overall number of consumer bankruptcy filings increased last year, but gray bankruptcies have been increasing in number every year since 1991. A “gray bankruptcy” is the term for a bankruptcy filed by someone over the age of 65, and it’s a growing problem in America that needs more attention.

According to the National Consumer Law Center, people 65 and older have approximately four times as much credit card debt as people 25 and younger. This is not that surprising, if you think about it… Between increasing medical bills and the shrinking of social services, many older adults are experiencing increasing financial hardship.

It does not take much to send most Americans into a debt free-fall – unexpected job loss and medical bills are the two most common causes of bankruptcy cases. Once you have retired, you live on a fixed income, so a sudden large medical bill could result in financial disaster. Older Americans have had to turn to credit cards to simply make ends meet. (more…)

By Mark Rubin|2024-05-20T10:59:09-05:00May 20th, 2024|Bankruptcy, Bankruptcy Statistics, Debt, Financial|

More American seniors are filing bankruptcy

This year, we’ve seen more older Dallas-area residents filing for bankruptcy, which unfortunately, isn’t surprising. According to national study, more American seniors (over the age of 65) are filing for bankruptcy than ever before.

The cost of living continues to increase for everyone, and for many older Americans, combined with rising healthcare costs and increasing debt, bankruptcy becomes the only option.

According to the study, the average debt for families with a head of household over the age of 75 has increased drastically since 2010, when it was only $30,288. In 2016, the average debt for the same families was $36,757.

Even more shocking, the number of families 75 and older with debt increased a staggering 60% from 2010 to 2016.

The average Social Security check is only $1,404 a month, and according to government data, that check accounts for more than 90% of the monthly income for over 40% of single seniors.

If you’re a DFW area senior and you’re struggling with debt, or your monthly expenses always exceed your monthly income, we can help! Call us today at 214-760-7777 for a free consultation. We’ll walk you through your options, so you’ll feel confident that you’re making the right step to move forward.

By Mark Rubin|2018-10-30T13:51:36-05:00October 30th, 2018|Bankruptcy, Bankruptcy Statistics|

Bankruptcy might be closer than you think…

According to the latest US Census data (from 2010), the average family has $7,360 in revolving debt (typically, mostly credit cards). The data also shows that the average household owes $11,244 in student loans, $8,163 on automobiles, and $70,322 on a mortgage.

Total that all up, and that’s $97,089 in debt – and we know that current data shows that the average debt per family has increased.

It doesn’t take much to push a family over the edge of a downward spiral. If you’re living anywhere close to paycheck to paycheck, or if you don’t have much in savings, a single event can put you in a situation where debt skyrockets.

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By Mark Rubin|2015-08-18T17:14:11-05:00August 18th, 2015|Bankruptcy, Bankruptcy Statistics|

2014 Dallas Bankruptcy Cases
2014 Dallas Bankruptcy Cases

Bankruptcy, Bankruptcy Statistics, Texas Bankruptcy

2014 Dallas Bankruptcy Cases

If you’re struggling with overwhelming debt, you’re not alone. Thousands of Dallas area residents have filed for bankruptcy so far this year.

According to court records, 3,866 bankruptcy cases have been filed in the Northern District of Texas, Dallas Division between January 1, 2014 and the beginning of August. The Fort Worth Division has seen 3,267 bankruptcy cases filed, and the Sherman Division has seen 1,705. We include the Sherman Division in the numbers because our office in Frisco allows us to assist clients who live further north.

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By Mark Rubin|2014-08-21T15:40:08-05:00August 21st, 2014|Bankruptcy, Bankruptcy Statistics, Texas Bankruptcy|

The 2 Income Trap
The 2 Income Trap

Bankruptcy Statistics, Personal Finance

The 2 Income Trap

Two children, two incomes, a home with a white picket fence; it’s the quintessential American Dream. However, this American Dream has morphed into a survival regimen that many families simply cannot endure.

Parents are in worse economic shape than ever before. Married couples with children are twice as likely as childless couples to file bankruptcy. According to the authors of the book, “The Two Income Trap,” having a child is the best indicator of whether someone will end up in financial collapse. The book was written by Elizabeth Warren and Amelia Tyagi, a mother and daughter team (Harvard law professor and MBA) who did an extensive study on the nature of bankruptcy in America.

The authors maintain that the introduction of mothers into the workforce, rather than easing the financial strain of raising a family, sets their families up for financial disaster as the cost of raising children spirals out of control. More children will go through their parents’ bankruptcy than their parents’ divorce. One in seven middle-class families will file bankruptcy this year. These figures are staggering for middle class families.

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By Mark Rubin|2013-07-15T14:16:30-05:00July 15th, 2013|Bankruptcy Statistics, Personal Finance|

Fact or Fiction? If I file for bankruptcy in Texas, everyone will know.
Fact or Fiction? If I file for bankruptcy in Texas, everyone will know.

Bankruptcy, Bankruptcy Myths, Bankruptcy Statistics, Texas Bankruptcy

Fact or Fiction? If I file for bankruptcy in Texas, everyone will know.

Many people won’t even consider filing for bankruptcy because they fear that everyone they know will find out. It’s a valid concern, too. No one wants the whole world to know his or her private affairs.

That’s where we have good news. If you file for bankruptcy in Texas, the whole world won’t automatically know. (more…)