Bankruptcy Facts

bankruptcy facts

Bankruptcy facts and figures are interesting. You are not alone if you experiencing difficulty paying off debts.

Is the quality of your life hindered by looming threats of possible property garnishment, foreclosure or repossession? If so, you may want to consider bankruptcy as a way to handle these very serious matters in one efficient process.

Here are the Bankruptcy facts and figures in a chart we prepared for you. The chart covers the growing number of bankruptcy filings. The kind of bankruptcy cases that people are filing. The top reasons why people file bankruptcy. The basics of Chapter 7. The basics of Chapter 11. The basics of Chapter 13. What these different Chapters of bankruptcy may dfo for you. And lastly, we have a flow chart to show you the bankruptcy filing process for Chapters 7 and 13.



There are many reasons that are attributed to bankruptcy filings. Some common factors include excessive medical expenses, job layoffs, poor credit management, divorce/separation, and of course — all of life’s unexpected moments.

Regardless of your circumstances, a bankruptcy filing may be the most beneficial way to manage your financial future. However — before getting down to brass tacks — there are many pertinent matters that potential filers must consider with the help of an expert. Always keep in mind the importance of understanding all of your filing options, choices and potential consequences.

Are you interested in a personal bankruptcy filing analysis for yourself? Check out our infographic which highlights the primary starting points for potential filers, in addition to the subsequent filing process. Ready for good advice regardless of whether you will file bankruptcy? A free consultation with Certified Specialists in bankruptcy law at will be a good start at answering all your questions!

We offer you a free consultation with a bankruptcy law expert.


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Leon Bayer and Jeffrey Wishman are Los Angeles Bankruptcy attorneys. They have been practicing bankruptcy lawyers in Los Angeles for 37 years and are Certified Bankruptcy Specialists by the State Bar of California. These are lawyers who bring experience, skill and creativity to the highly complex area of bankruptcy law. At this Los Angeles law firm, the your initial consultation with an expert is free. Mr. Bayer is a coauthor of Nolo's The New Bankruptcy: Will It Work for You?, authors the “Ask Leon” series on Nolo’s Bankruptcy, Debt & Foreclosure blog, and writes on bankruptcy topics for Nolo’s website. In addition, Mr. Bayer devotes a significant number of hours to volunteer legal services. The State Bar of California has commended Mr. Bayer for this work every year since 2004.