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Are some professions more at risk for bankruptcy than others?

On Behalf of | Jul 20, 2016 | Chapter 13

You may be under the impression that everyone who files for bankruptcy in Tennessee is a low-income individual. While a little over half of people who file for bankruptcy earn less than $30,000 per year, the rate of higher income people filing for bankruptcy is on the rise according to the Fiscal Times.

One group of people who find themselves susceptible to money problems is people who are famous. If you are a celebrity, your career may not afford you with consistent income and the temptation to make extravagant and sometimes unwise purchases looms large. Along the same lines, some professional athletes seem to have a hard time holding on to their fortunes. Studies have shown that if you are an athlete, this is especially true upon your retirement from professional sports. In fact, within five years of retiring, 60 percent of players from the National Basketball Association have run out of money.

Thanks to the Great Recession, you may be more at risk for bankruptcy if you work in the investment field. Bad investments caused hard times for many people and professions such as accountants, insurance brokers and wealth managers all took a hit. In addition, due to the changing nature of how health care works in this country, some doctors are finding themselves facing hard times and vulnerable to bankruptcy.

Interestingly, all of these careers involve working alone or in small groups, as opposed to large organizations. These findings are based on a combination of anecdotal tales, news stories and research studies.


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