A January 3rd article in the Chicago Tribune covered the basics of consumer bankruptcy, with input from several experts, including Illinois Law Professor Bob Lawless. He provided information about per capita consumer debt, which does not include mortgages or most medical expenses. According to Lawless, the current average is $11,500 per person.
The article also discussed the most common reasons for bankruptcy filings, and the differences between Chapter 7 and Chapter 13 bankruptcy.
Full article at chicagotribune.com.