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More than 1,400,000 people filed for bankruptcy in fiscal year 2011. According to a recent study, Blacks are about twice as likely as whites to have to deal with the more costly form of consumer bankruptcy. This is regardless of income, home ownership, assets and education.
The study of racial differences in bankruptcy filings, written by bankruptcy expert and law professor Robert M. Lawless and psychology professor Dov Cohen with the University of Illinois and University of Arizona law professor Jean Braucher, found evidence that suggested that lawyers disproportionately steered Blacks into complicated and costly bankruptcy, in part because of biases--conscious or unconscious.
Generally, most people file under Chapter 7 of the bankruptcy code. This allows debtors to erase most debts in eight months. It is also less expensive than Chapter 13, which requires filers to use their disposable income to pay back debts over a period of several years. According to the study, bankruptcy lawyers were more likely to steer Black debtors into a Chapter 13 than whites.
There are steps to take to avoid being steered to the wrong type of bankruptcy filing. “The absolute standard to determine whether you are eligible is the Means Test. This test compares your actual income and expenses to the average income and expenses of your state. If you pass the Means test, subject to a review of your assets, you may file Chapter 7. But it is important to remember that Chapter 7 will not fix any mortgage arrears, it will only discharge unsecured (credit card) debt or discharge the mortgage if the person is abandoning the home.

Allen Roper
President/CEO
Roper Masonry