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What percentage go back into debt after bankruptcy?

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What percentage go back into debt after bankruptcy?

The amount of people that get back into debt and go back to old habits after they finish a bankruptcy. Are there statistics on this?

Equifax - 628, Experian -627, Transunion- 654 In the garden until 01/01/2019
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Valued Contributor

Re: What percentage go back into debt after bankruptcy?


@CreditGuy03 wrote:

The amount of people that get back into debt and go back to old habits after they finish a bankruptcy. Are there statistics on this?


I doubt it, but it is probably a lot higher percentage than it should be, which is likely why credit education was added to the bankruptcy process. I know it took a chapter 7 filing, after a much earlier chapter 13 before I ever took a long hard look at my credit habits. It is often the case and was in my case, the habits of the debtor that is the root cause of the difficulties. Habits are a funny thing though, and if new habits are established, they can be just as powerful as the bad habits were. I now have a habit of paying early and often...usually at least twice a month on every card. As a result of establishing that habit, it drives me up a wall to have balances showing. I doubt I cane ever not have habitual behaviors, so the only option for me was to redirect it to good habits.

TU fico08=824 12/29/19
EX fico08=819 01/14/20
EQ fico08=830 01/04/20
EX fico09=827 01/04/20
EQ fico bankcard08=846 12/24/19
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Valued Contributor

Re: What percentage go back into debt after bankruptcy?

from debt.org: Repeat Filers

Recent studies have found that 8 percent of those who file for bankruptcy have filed at least once before. These repeat filers are responsible for 16 percent of all bankruptcy cases.

 

https://www.debt.org/bankruptcy/statistics/

 

This is probably not the whole picture since I’m sure some percentage go back into debt but don’t file again.

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