Who is filing for bankruptcy? Take a look
The Courier-Journal randomly selected a dozen personal bankruptcy filings during the last year in Louisville and Southern Indiana. What the newspaper found were single people and families who were drowning under the weight of unpaid bills, facing years of repayment plans and trouble restoring their credit.
Most live in nice parts of the community, drive minivans and SUVs. Often their documents hint at a catastrophic event such as a job loss, a medical crisis, or a large wage garnishment for a delinquent car or student loan that put them behind and sinking farther.
Here is what bankruptcy court records show:
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» Single mother of three, age 47, Crescent Hill
Annual income: $33,388.34 from disability payments, her children's Social Security and child support
Major monthly expenses: $900 rent, $650 food and household supplies, $515 payment for SUV and insurance
Assets: $11,470
Liabilities: $209,767, including a $68,000 court judgment
In the hole: $198,297
Detail: No work income and high medical bills.
» Health care worker and disabled spouse, both 58, Lyndon
Annual income: $30,588 from salary, plus $1,800 monthly disability
Major monthly expenses: $550 food and household; $529 car payment and insurance
Assets: $43,332
Liabilities: $156,840, which includes $103,085 in non-dischargeable student loan debt
In the hole: $70,176
Detail: Piles of medical debt
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» Salesman and single father, 41, Pleasure Ridge Park
Annual income: $35,639
Major monthly expenses: $530 housing, $780 in child support for son and daughter
Assets: $105
Liabilities: $83,700, with $53,000 foreclosure deficiency
In the hole: $83,625
Detail: Two court judgments for nonpayment of debts related to emergency room treatment, plus $3,606 Wells Fargo repossession.
» Single mom college instructor, 40, McNeely Lake area
Annual income: $52,753 which includes $1,100 in monthly child support and alimony
Major monthly expenses: $1,247 mortgage payment; $700 food and household; $606 car loan and insurance
Assets: $242,740
Liabilities: $263,963, with $4,245 student loan debt
In the hole: $21,223
Detail: Debts to Sears, Chase and Discover alone totaled $26,980.
» Logistics manager, 54, temp factory worker, 36, Jeffersontown
Annual income: $49,139
Major monthly expenses: $807 rent, $1,041 car loans and insurance
Assets: $149,375
Liabilities: $231,478, including $15,866 student loan, $18,900 car loan
In the hole: $82,103
Detail: One of them was placed on short-term disability after medical problems.
» Small business owners, husband 39, wife, 44, Worthington in eastern Jefferson County
Annual income: $72,468
Major monthly expenses: $950 food; $450 transportation expenses; $365 car payment, $500 child care, $300 delinquent taxes
Assets: $363,283
Liabilities: $632,224
In the hole: $268,941
Detail: $92,595 in court judgments. Couple’s income dropped from $134,200 in 2013 to $40,000 in 2014.
» Self-employed online salesman, 55, Tom Sawyer Park area
Annual income: $14,596
Major monthly expenses: $650 mortgage, $400 food and household supplies
Assets: $33,159
Liabilities: $89,553
In the hole: $56,394
Detail: Annual income of $14,799 in 2013, $22,122 in 2014; faced foreclosure on first and second mortgages after default
» Single retiree on fixed income, 85, Fern Creek
Annual income: $26,184 from pension, Social Security
Major monthly expenses: $875 mortgage and homeowner association fees, $300 food
Assets: $121,030
Liabilities: $130,660.
In the hole: $9,630
Detail: $11 left after paying monthly bills, $37,360 in credit card debt.
» Convenience store manager, 28, bank cashier wife, 29, Clarksville
Annual income: $43,308
Major monthly expenses: $775 rent, $200 phone/internet; $250 food, $300 transportation
Assets: $10,192
Liabilities: 62,300
In the hole: $52,108
Detail: $22,623 in student loans; $11,000 credit, charge card debts; Chapter 13 by husband in 2009. Divorce petition within months of Chapter 7 petition
» Fast food restaurant manager, 49, New Albany
Annual income: $23,244
Major monthly expenses: $836 mortgage, $315 food.
Assets: $81,105
Liabilities: $138,712
In the hole: $57,607
Detail: $2,216 expenses, with $1,937 income, and a $279 monthly shortfall; two court judgments in favor of Norton Healthcare totaling $10,524 plus $1,870 in attorney fees.
» Construction coordinator and homemaker with three young children, Hikes Point
Annual income: $52,212 from wages, unemployment and side job
Major monthly expenses: $1,042 mortgage, $480 pre-school tuition, $215 student loan
Assets: $168,275
Liabilities: $219,573
In the hole: $51,298
Detail: Job loss led to two years unemployment before home foreclosure. Biggest debt besides home: $48,962 in student loans.
» Single temp worker, 30, Original Highlands neighborhood
Annual income: $20,417
Major monthly expenses: $247 rent, $430 food and household, $325 transportation
Assets: $5,110
Liabilities: $57,113
In the hole: $52,003
Detail: $23,291 in student loans, sued for $4,000 in credit card debt