Who is filing for bankruptcy?

According to the Institute for Financial Literacy, more than one million people filed for bankruptcy in 2008. The demographics associated with this were reported as follows:

• In terms of education, the biggest percentage of filers (35%) had a high school education or G.E.D.
• 29 percent had some college education
• 52 percent were female
• In terms of employment, the largest percentage (63.4%) were employed
• In terms of income, the largest percentage (37%) made less than $20,000 per year
• Almost 30 percent made between $20,000 and $30,000
• In terms of age, the largest percentage (29 percent) were 35 through 44 while the second largest group (19%) were 25 to 34
• In terms of ethnicity, the largest group was white with 73 percent

Bankruptcy may not be the right solution for everyone but in certain cases, for those who are eligible, it is a legal way to eliminate debt, regain control of one's finances, and get a fresh financial start. When, and if, to file are important considerations; getting proper legal guidance and advice can facilitate making a decision about this important option. Credit harassment, wage garnishment, threat of foreclosure and repossession are all matters that may be dealt with through a personal bankruptcy.

New York Bankruptcy Firm Serving Nassau and Suffolk Counties

If you are in serious financial distress, whether from the loss of your job, a costly illness, injury, or divorce, from investment failures, or other problems, you should consider all of your options for the management of your debt. If you are located in the Long Island area, you can get the help you need from the law firm of Jacoby & Jacoby, which focuses on bankruptcy. The firm was established in 1964 and its legal team has more than 50 years of combined experience. The attorneys at the firm are well-versed in bankruptcy law and procedure as well as alternative options for debt relief.

Most people wait far too long, falling deeper into debt that they cannot handle, before talking to a qualified legal professional about their options. Work with a law firm that has competently handled more than 15,000 bankruptcy cases. Contact the firm to arrange to talk to an attorney or visit the firm's website at www.longislandbankrutpcycenter.com to find valuable information about financial matters.