Does a Particular Segment of the Population Tend to File for Bankruptcy?

Interviewer: Of the people you've helped, is there any particular demographic of the population that files bankruptcy? Do you find more cases involving younger people, older, men or women?

In Attorney Truman's Experience, Financial Problems Leading to Bankruptcy Do Not Discriminate; Clients from Every Age Group and Economic Level Have Sought His Help

Vance: I do get that question a lot. In my experience, bankruptcy and financial problems in general, don't discriminate. I have doctors, I have lawyers, I have construction workers, I have landscapers, I have business people, self-employed people, and I have people that are working as clients. It doesn't discriminate.

Why File Bankruptcy? Bankruptcy Offers a Fresh Start and Affords People the Chance to Get Back on Their Feet

Anybody can suffer financial crisis at any time and sometimes you can work your way out of it but sometimes you can't. Bankruptcy does give you a fresh start. It'll help you get some breathing room to help you get back on your feet when times really get bad.

Is There One Common Reason to File for Bankruptcy?

Interviewer: What are the most common scenarios you hear from people as to the reasons why they've decided to file?

The State of the Economy Has Become a Factor in Filing for Bankruptcy

Vance: In my opinion, people's reasons really depend on a variety of factors. Well, recently because of the economic downturn in this country, people have lost their jobs. Or their hours have been cut. Recently that's been the main cause that has forced people to seek my services to help them get their fresh start.

Many People Have Lost Their Health Insurance and Have Large Medical Bills They Cannot Afford to Pay

Generally across the board, people that have gone through divorce are calling me. Medical issues are another common reason. A lot of people don't have health insurance now, or their health insurance is not as comprehensive as it used to be, and they're having these medical problems, and they can't pay the bill. It covers everybody.