A new study conducted by the Institute for Financial Literacy from 2006-2010 shows that more people with college degrees and high paying jobs are filing for bankruptcy. Over the past four years, the number of wealthy, well-educated debtors increased by 20%. While the bankruptcy rate of unemployed have unsurprisingly risen by 21% since 2006, the study shows that 9% of those filing for bankruptcy earn more than $60,000 a year.

Married couples have also suffered over the past four years. 60% of debtors are married, and unfortunately 12% more have filed for bankruptcy. Racial demographics have also shifted since 2006. More Asian Americans and Native Americans are filing for bankruptcy, while African Americans' filings have decreased from 15.4% to 11.3%.

If you or a loved one are going through a financial hardship and are considering filing for bankruptcy, contact the Maryland bankruptcy lawyers of Chaifetz & Coyle, P.C. at 443-546-4608.