As tax-filing season nears, many Mississippians are probably taking a closer look at their financial situation. What they may not realize is that a significant percentage of Americans consider filing for Chapter 7 bankruptcy to get debt relief because of their financial challenges.
A recent study focused in on the bankruptcy-filing population. According to its findings, roughly 23 percent of American households have thought about filing for bankruptcy. Of those surveyed, 18 percent actually carried out with the plan and filed for Chapter 7 bankruptcy. The study reveals some reasons people may be more or less inclined to file for bankruptcy. Often, those families who make less than $40,000 per year file for bankruptcy. They understand that bankruptcy can offer a fresh financial start. Nevertheless, others are skeptical, believing bankruptcy to be somewhat "shameful."