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More white-collar families are now filing for bankruptcy

There’s been a significant increase lately in the number of people with college degrees and substantial incomes who are filing for bankruptcy.

Some 13.6 percent of people participating in pre-bankruptcy financial counseling in 2010 had college degrees, according to a survey by the Institute for Financial Literacy. And about half of those college graduates also had an advanced, post-college degree. That’s a significant increase from the previous survey in 2006.

In addition, the survey found that almost 16 percent of people seeking bankruptcy counseling had incomes of more than $50,000. Back in 2006, the figure was only about 10 percent.

The reason for the change? Falling home prices along with a recession that’s wiped out a lot of white-collar jobs, according to the Institute.


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