Nine Out of 10 Americans Have Never Considered Filing for Bankruptcy, Says Survey

MOUNTAIN VIEW, Calif., May 29 /PRNewswire/ -- Even with bankruptcy filings at record levels, and sweeping bankruptcy reforms nearing final passage, nine of 10 Americans say they've never considered filing for personal bankruptcy, according to a new survey by the legal Web site FindLaw(R).

Only 11 percent of the 1000 nationwide respondents said they had ever considered filing for personal bankruptcy. Americans' reluctance to consider filing for bankruptcy did not vary significantly by age, family income, race or employment status. Those who were unemployed were no more likely to have considered filing for bankruptcy than people working full- or part-time.

More than 1.5 million Americans filed for personal bankruptcy protection in the 12 months ending March 31, 2002, according to figures reported by the American Bankruptcy Institute citing the Administrative Office of the U.S. Courts. This figure is a new record, reflecting the effects of the recession and record-high levels of consumer debt. A congressional conference committee is debating final passage of bankruptcy reform legislation that would make it more difficult for people to qualify for bankruptcy protection from their debts.