Bankruptcy Rates and Statistics in the State
Each year thousands of people file for bankruptcy in Missouri. While never an easy decision, it may help you to achieve financial stability in the long run. It is important to understand the advantages and disadvantages of filing, before you submit paperwork. It is strongly recommended that you speak with an attorney prior to declaring bankruptcy.
At Debt Doctors of Missouri, we understand the tough economic times that many are facing. Our lawyers can help you understand your rights and how bankruptcy may help you find financial freedom. If you are considering filing for bankruptcy in Missouri, contact our office at (414) 466-3328 to schedule a free consultation.
How Many People Are There in Missouri?
According to the American Bankruptcy Institute, a non-profit organization out of Alexandria, VA, Missouri’s population was 6,168,187 in 2021. The median household income in 2019 was $55,461 with an average household size of 2.46. Over 12% of the population was considered in poverty.
Many people in the state carry large amounts of credit card debt as well as student loans. In 2020, over 12,000 people filed for bankruptcy in the state.
How Many People Filed for Bankruptcy in Missouri?
As reported by the American Bankruptcy Institute, 9,737 people filed for bankruptcy in 2021 (the most recent data available). It was the least amount of bankruptcy filings in the past two decades. It is a sharp contrast to the 52,498 people that filed in 2005 (the highest during the 20-year period).
Bankruptcy filings by chapter in 2021:
- Chapter 7: 6,738 filings
- Chapter 11: 36 filings
- Chapter 13: 3,317 filings
- Other cases (Chapters 9, 12, and 15): 6 filings
Data indicates that Missouri bankruptcy filings are slightly higher than the national average. From 2000 to 2021, the state was 19% above average as noted by the American Bankruptcy Institute. In addition to personal bankruptcy filings, there were 146 business bankruptcy cases initiated during the same time period.
Why Do People File for Bankruptcy?
People declare bankruptcy for a multitude of reasons. Because of the complexities surrounding a bankruptcy declaration, you should always consult with a professional before filing.
Reasons people file for bankruptcy:
- Excessive debt
- Threat of foreclosure
- Job loss
- Unexpected loss of primary provider
- Insurmountable medical bills
- Litigation costs
Regardless of whether it is one of these reasons or another extraordinary circumstance, you deserve dedicated representation to help you overcome any obstacles to achieving financial stability. A lawyer can help you file bankruptcy and understand the process. They will work with you one on one every step of the way.
Interested in Filing for Bankruptcy in Missouri?
Are you considering filing for bankruptcy in Missouri? Contact our office at (414) 466-3328 to schedule a free and confidential consultation. At Debt Doctors of Missouri, we have helped file over 3500 bankruptcy claims and have more than 25 years of experience.
We handle Chapter 7, Chapter 11, and Chapter 13 filings. Call now to get started. Our firm proudly serves clients in Springfield Missouri and throughout the surrounding areas.