Colorado bankruptcy filings rank well above the national average, with there being 5 bankruptcy cases per every 1,000 people in Colorado versus 3.7 bankruptcy cases per every 1,000 people in the U.S.
This information – as well as the other Colorado bankruptcy statistics we will discuss later in this blog – has all been compiled and presented by the Corporation for Enterprise Development (CFED), a DC-based nonprofit organization committed to expanding economic opportunities for the low-income people.
Details of Colorado Bankruptcy Filings
According to information the CFED released in mid-September:
- Colorado ranks as the 8th state to have the most bankruptcy filings in the U.S. Ahead of Colorado for this distinction was Tennessee, Alabama, Illinois, Georgia, Nevada, Indiana and Utah.
- Approximately 39 percent of all households in Colorado are “liquid asset poor.” The phrase liquid asset poor means that a home or family does not have sufficient liquid assets to live at the poverty level for at least three months without any other income coming in.
- Nearly 13 percent of all Colorado households are currently living in poverty. Although this is lower than the national average (with which 15 percent of all American households are living at the poverty level), it still ranks Colorado as the 20th state in this category.
- Nearly 3 percent of Coloradans reportedly have at least one overdue account that is more than 90 days past due. Again, while this may seem substantial, it is less than the
national average of 3.63 percent.
- The median net worth in Colorado is more than $8,000 higher than that of the national average. Specifically, while the median net worth of a Coloradan is nearly $78,400, the median net worth of an American is nearly $70,400.
- The average credit card debt of a Coloradan is roughly $10,600; in slightly contrast, the average national credit card debt of an American is just above $10,200.
Colorado Bankruptcy Lawyers at the Law Office of Jon B. Clarke, P.C.
While all of these Colorado bankruptcy statistics may be interesting, if you are struggling with a large amount of debt, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C.
For more than 35 years, our Denver, Colorado bankruptcy attorneys have been helping our clients resolving even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to:
- Providing each of our clients with the personalized debt relief assistance they need
- Working diligently to ensure that our clients’ cases are resolved as favorably, discretely and efficiently as possible
- Helping our clients obtain the financial fresh starts they need so they can focus on their future.
Contact Us Today
For an in-depth evaluation of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950 or email us using the contact form on this page.
From our offices based in Denver, we provide people throughout Colorado with the highest quality debt relief legal services.