Consumers filing for bankruptcy in 2017 reported assets of $80 billion and total liabilities of $105 billion, according to an annual report filed by the Judiciary with Congress.
The report describes the activities of individuals with predominately consumer debt. Other highlights of the report include:
- 62% of assets were real property.
- The median average income reported by debtors was $2,701 a month, and the median monthly expenses were $2,645.
- A total of 742,323 consumer bankruptcy petitions were filed in 2017, 1% fewer than in 2016.
- 61% of the petitions were filed under Chapter 7.
If you are thinking about bankruptcy call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com