Back in the old days before the Bankruptcy Code was reformed, there was a stereotype that the typical bankruptcy debtor had racked up lots of debt by purchasing luxury items and living the high life.  The high rollers were now up to their eyeballs in credit card debt and were going to take advantage of the bankruptcy code so that they could keep their expensive goods but get rid of their debt.  Thinking back about all the clients have helped over the years, I must say that I can only remember one or two times where my debtors fit this profile.

Instead, what I have observed in my bankruptcy practice is that there is no typical debtor.  I have worked with debtors who were in their early 20s and debtors who were in their late 70s.  I have counseled clients who were single, separated, divorced and widowed.  I have had clients who were sales people, teachers, factory works, lawyers, doctors, retired, self-employed and unemployed. The common denominator is that the people who pick up the phone and call our office or come in for an appointment have all fallen on hard times.  The reasons for the financial distress are varied.  Some people have lost a job or had their hours cut.  Other people were just making it when an unexpected expense, a major house or car repair, pushed them over the edge.  Some couldn’t make it when they got divorced or their former spouse stopped making child support payments.

One thing that we have noticed though, is that we have been seeing more older, college educated clients in the last year or so.  The trend in our practice is consistent with a national trend.

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Important Documents

• Household Goods Evaluation Worksheet
• Monthly Household Expenses
• Initial Meeting Checklist