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Who is really filing for Bankruptcy in Michigan?

Here are some interesting statistics just released on who is actually files bankruptcy in 2014.

Women file bankruptcy more than men by a continually narrowing margin. In 2013, 52 % more women filed than men – but that gap is narrowing at a rate of about 1 % a year.

The age demographic is shifting to an older population. Almost 56 % of filers were between the ages of 35 and 54. More people older than 54 file bankruptcy than people younger than 35.

72 % of filers are Caucasian; 11 % are African American; and, Hispanics make up the third highest filing ethnicity at 9 %.

The number of filers with College degrees and Graduate Level degrees has steadily increased to 57 %.

38% of filers earn less than $20,000 a year. 21% are at the $20,000-30,000 income level. Those making over  $60,000 increased to 9 %.

70 % were employed and less than 17 % were unemployed, with the balance being retired, homemakers or students.

64 % of filers were married and less than 15 % were divorced.

The biggest factors influencing the filings include: Overextended credit, job loss or loss of income, unexpected expenses, illness and divorce.