I am sure that in both Oregon and Washington anyway, there are still people who think of bankruptcy as the last refuge of the poor, something that you opt for when your income hits rock bottom such that you can no longer service any of your debt, but Who Files Bankruptcy in Oregon and Washington?
The reality is that in Washington and Oregon, bankruptcy is largely used by middle-income earners. In fact, the median income for bankruptcy filers is roughly $43,000, which is only $6,000 less than the national median. Nationally, bankruptcy filers are actually more likely to be employed than the rest of the population and more likely to be employed full-time.
Bankruptcy filers are also more likely to be veterans and less likely to be immigrants. One frightening common thread among bankruptcy filers is medical debt. One study has shown that medical debt is present in roughly sixty-percent of all bankruptcy filings. Moreover, nearly eighty percent of the bankruptcy filers who had medical debt actually had insurance. All told, over 1.6 million people with medical debt will file bankruptcy this year.
Frightening stuff. Bankruptcy isn’t really something that happens to someone else in another neighborhood because they messed up. It’s more likely your next-door neighbor who has worked the same job for years who got sick, missed a little bit of work and fell behind.
The fact is that most of us are just one or two missed paychecks away from having to file. What’s sad is that people too often blame themselves for the necessity of bankruptcy when the truth is that filing is most often beyond their control.
Please let us know If you would like more information about how bankruptcy can help you. We would be happy to set up an appointment for you at any of our offices in Oregon and Washington.
Schedule a Free Consultation with Your Portland Bankruptcy Attorney
When it comes time to file for bankruptcy, you need a compassionate and skilled attorney who will be able to guide you through the process as cleanly as possible. Northwest Debt Relief Law Firm, we can help you with filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcy in Portland, Oregon. We will be there every step of the way to help navigate you through the often-complex and difficult bankruptcy process.
Give us a call at (503) 912-8809 to schedule a free consultation with one of our bankruptcy attorneys. If you have any other questions about bankruptcy, one of our attorneys will be more than happy to offer advice on your particular situation.