Reply #13: What's happened with BANKRUPTCY? (Families with children at special risk)

[Elspeth]

Bankruptcy filing rates, 2003:

Childless groups:

Married couples: 7.4/1000 filed for bankruptcy
Unmarried men: 6.3/1000 filed
Unmarried women: 7.2/1000 filed*



Groups with children:

Married couples with children: 15/1000
Female head of household (no husband/unmarried) w/children: 23/1000
Unmarried men w/children: (no data; not enough of them to be statistically valid)


(*Wonder if the higher rate for women has to do with lower salaries for women across the board. --me)

"Families with children are under enormous financial stress." --Warren

90% of families with children file for bankruptcy due to:

1. Job Loss
2. Family Medical Problem
3. Family death or divorce

Nearly 1/2 the families have two of the above
Nearly 20% have been hit by all 3

This is how they end up in bankruptcy.
"
"More children live in homes that will file for bankruptcy than live in homes that will file for divorce.
--Warren

Bankruptcy gets hidden. There is an enormous stigma. "Don't use the word bankruptcy"

85% were hiding it from parents, siblings and children.