There’s nothing we like more than a good list, or categorization of certain things. It makes it easier to keep track of things when they are grouped with similar things, and having a list is always handy. And if you have a paper or research project to do, you are likely to find articles and other bits of information on the topics you are researching together in one spot. Statisticians live by grouping things together, and this type of compilation of data is helpful when you are looking for a snapshot of a certain issue.
One grouping that is in the news nearly every day is of people, and in particular, millennials. It seems like every time you sign on to social media or read the news there is a story about the work ethic of millennials, or how the millennials are living at home longer than other age groups (such as the baby boomers or Gen X). With all of these stories out there it might be easy to jump to the conclusion that millennials are the biggest group of people who file for bankruptcy, because the misconception is that millennials don’t work hard and are just out for a free ride.
But the real stats on who files bankruptcy the most might surprise you. In fact, you might be surprised to learn the category of bankruptcy filing on the fastest rise is retailers. Here are some reasons why:
• Consumers have a lot more options than just the mall in today’s marketplace. Many buyers are turning to online boutiques for apparel purchases, and even grocery stores and big chains now offer online shopping assistance with curbside pick-up.
• Filing bankruptcy does not necessarily mean these companies will go out of business, as most have filed for reorganization. So for a while at least it will probably be business as usual at your favorite store, but the economic climate is such that we should all expect a few more companies to take bankruptcy before the end of the year.
• As salaries cap out or stagnate, people are holding on to their money rather than making large purchases. This hurts the bottom line for retail stores, and can cause the need for a retail establishment to seek bankruptcy.
There is no one definition of who files for bankruptcy, and it is available for companies and consumers alike. If you are having a hard time paying the bills, you are not alone. Call us to find out how bankruptcy can help you.
For answers to your questions about debt, contact us at www.DsouzaLegalGroup.com.