More College Graduates Filing for Bankruptcy

Curious who is filing for bankruptcy these days? Well, if you guessed college graduates, you would be correct. In fact, individuals with bachelor's degrees are the fastest growing group of debtors, as reported by one national researcher.

According to a recent survey, this group increased from 11.2 percent in 2006 to 13.6 percent last year. Those who hold masters or two-year degrees also saw a small increase over the past few years, while those who did not attend or finish college actually saw a decline in Chapter 7 bankruptcy filings.

Although there is no singular reason for this surprising trend, one bankruptcy professor believes that credit lenders are partially to blame. When several lenders tightened available credit lines, many students were unable to pay for their expenses without the use of credit cards or loans. Even though college graduates are filing for bankruptcy in greater numbers, the traditional demographic of filers has not changed. Those that have not attended college and that are in the lower-income brackets are still more likely to file for bankruptcy protection in the U.S.

If you are considering Chapter 7 to address your debt, contact a Chicago Chapter 7 bankruptcy lawyer from our law office today. Our Chicago bankruptcy attorneys can review your financial situation, provide you with advice and tell you if Chapter 7 is the right solution for you.