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Bankruptcy Rises Among College Educated

September 13, 2011 by  

PORTLAND, Maine, Sept. 13 (UPI) — The number of U.S. debtors with college educations filing for bankruptcy rose 20 percent in the past five years, a financial research group said.

The Institute for Financial Literacy, a non-profit group based in Maine, found bankruptcy filers with incomes of $60,000 or more rose by 66 percent in the past five years.

Among ethnic groups, bankruptcy filings have doubled among Asian Americans and risen by 33 percent among Hispanics, the report said.

Bankruptcy filings were prompted most commonly by debtors overextended on credit, by unexpected bills and by illness, injury or divorce, the study found.

UPI - United Press International, Inc.

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