Institute for Financial Literacy Releases First Demographic Research on New Bankruptcy Law Debtors

The Institute for Financial Literacy announced today its release of a white paper entitled First Demographic Analysis of Post-BAPCPA Debtors. This is the most comprehensive demographic analysis of consumers considering bankruptcy since the law changed last October. The Institute for Financial Literacy reports that of over 5,000 individuals who volunteered to participate, 44.6% reported annual incomes below $20,000 a year. Other statistics include 8.9% of respondents who reported being 65 and over, while 30.9% indicated that the cause of their financial distress was due to “illness or injury”.

Portland, ME (PRWEB) April 17, 2006 -- The Institute for Financial Literacy announced today its release of a white paper entitled First Demographic Analysis of Post-BAPCPA Debtors. This is the most comprehensive demographic analysis of consumers considering bankruptcy since the law changed last October. The Institute for Financial Literacy reports that of over 5,000 individuals who volunteered to participate, 44.6% reported annual incomes below $20,000 a year. Other statistics include 8.9% of respondents who reported being 65 and over, while 30.9% indicated that the cause of their financial distress was due to “illness or injury”.

“What some of these results show is unexpected and contradicts previous research,” said Leslie Linfield, Esq., Executive Director of the Institute for Financial Literacy. “Clearly more extensive study into both the causes of bankruptcy and those directly affected must be done.”

The Institute for Financial Literacy is a non-profit organization whose mission is to make effective financial literacy education available to all American adults. The Institute for Financial Literacy is currently the only provider approved to offer bankruptcy credit counseling and debtor education in all 50 states and all 94 judicial districts. The Institute is funded by program fees, private donations, and grants from public and private foundations.

For a copy of the white paper entitled First Demographic Analysis of Post-BAPCPA Debtors please visit www.financiallit.org and click under News or call (207) 221-3603.

###