Bankruptcy is an unfortunate reality in today’s economy, where people are still trying to recover from lost jobs, pay cuts, and mounting debts. According to a United States Courts report, in the first quarter of this year (January – March), over one million people filed for some form of bankruptcy (Chapter 7, Chapter 11, or Chapter 13 bankruptcy) for non-business reasons. This is a staggering statistic, especially for anyone who is personally facing overwhelming debt and stress over the state of their finances.
The following infographic shows some of the largest bankruptcy cases in the United States over the past four decades. What’s important to note is that bankruptcy does not spare anyone—top businesses and popular celebrities are as susceptible to filing for bankruptcy as the average citizen.
If you are facing the decision to file for bankruptcy, know that you have alternative methods for reducing your debt and making your payments more reasonable. Contact the Arlington bankruptcy attorneys at the Law Offices of David Kohm for more information and a free bankruptcy consultation.
