Greensboro NC and Guilford County rank 31st in state for bankruptcy
Image Source: Flickr User Joe Wolf
A recent survey ranked North Carolina bankruptcy filings by county and Greensboro bankruptcy filings put Guilford County as #31 on the list of 100 NC counties. The numbers analyzed were from 2010 and showed that for every 10,000 Guilford County residents, there was a little more than 15 bankruptcy filings. The numbers include those filing personal bankruptcy Chapter 7, Chapter 13, and business bankruptcy Chapter 7 and Chapter 11.
Greensboro residents in Guilford County earn a median income of close to $46,000. This is close to the average income for North Carolina as a whole. In comparison, North Carolina’s county with the highest bankruptcy filings is Northampton County where income is closer to $31k, and there are more than 135 bankruptcies per 10,000 residents which is close to ten times higher than the rate in Greensboro. Northampton’s bankruptcy rates are so high it places the county in the top 10 for bankruptcies across the US.
North Carolina bankruptcy filings by most and least filings
The top ten North Carolina bankruptcy counties include:
- Northampton County – 135 bankruptcies per 10,000
- Granville County – 78 bankruptcies per 10,000
- Harnett Country – 38 bankruptcies per 10,000
- Vance County – 35 bankruptcies per 10,000
- Warren County – 33 bankruptcies per 10,000
- Wilkes County – 28 bankruptcies per 10,000
- Person County – 27 bankruptcies per 10,000
- Sampson County – 27 bankruptcies per 10,000
- Wake County – 26 bankruptcies per 10,000
- Franklin County – 25 bankruptcies per 10,000
The North Carolina counties with the ten lowest bankruptcy rates are:
- Washington County – 3 bankruptcies per 10,000
- Hyde County – 3 bankruptcies per 10,000
- Tyrrell County – 4 bankruptcies per 10,000
- Jackson County – 5 bankruptcies per 10,000
- Swain County – 5 bankruptcies per 10,000
- Onslow County – 6 bankruptcies per 10,000
- Greene County – 6 bankruptcies per 10,000
- Clay County – 6 bankruptcies per 10,000
- Green County – 6 bankruptcies per 10,000
- Beaufort County – 6 bankruptcies per 10,000
Interestingly, median income does not seem to be the determining factor. For instance, Washington County falls below the median income for the state at just under $35k average income. Tyrrell, Jackson, and Swain are also lower than the median. And among North Carolina bankruptcy counties with greater filings, Granville County residents earn close to $50k on average, Harnett is at $47k, Person is at $42k, Wake is at $66k and Franklin at $42k.
Financial problems can strike anyone
What these statistics show is that financial problems can strike anyone, anywhere and at any time. Some of the most common causes of bankruptcy filings are divorce, business loss, unemployment, accident, illness or permanent disability, or any other major life event. Circumstances that drastically increase expenses or drastically reduce income can wreck your finances and make it impossible to dig out of debt.
Bankruptcy is an important and legal tool to help those who are stuck with debt they can no longer afford to pay. If your finances are out of control, bankruptcy may be the help you need. Some people worry that it’s wrong to file bankruptcy and to not pay their bills. In fact, wallowing in unaffordable debt is worse for you and those you owe. When you file bankruptcy, debt collection efforts end which means the creditor won’t waste time and money chasing a debt you can’t pay.
Bankruptcy gives you the peace of mind and freedom to get back on your feet and start rebuilding your credit and finances which helps everyone in the long run. Contact the Law Offices of John T. Orcutt today for a free consultation at one of our locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington. Call +1-919-646-2654 now and ask about our zero down bankruptcy specials.