How Common is it For Individuals to Declare Bankruptcy in Colorado?

Unfortunately, these days it seems like it's more difficult than ever for individuals to be able to afford large purchases like, say, even a modest home, and bankruptcy has become all too common in Colorado and beyond.

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Not only does it feel like this is a reality for many Coloradans, but recent data shows that it is, in fact, a true sentiment for many.

However, the aforementioned recent data also shows that while higher than they probably should be, individual bankruptcy rates in Colorado pale in comparison to certain other states.

How Common is Individual Bankruptcy in Colorado?

The report, which comes from USCourts.gov, shows that the non-business bankruptcy rate for Colorado is right around 124 per 100,000 people.

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The lowest rates in the nation are found in states like Alaska, Vermont, and Massachusetts, with reported rates of 25, 37, and 62 per 100k people, respectively.

A few of Colorado's neighboring states also report lower individual bankruptcy rates, including New Mexico, Wyoming, and Nebraska, with figures being shown as 64, 83, and 122 per 100k people, respectively.

On the other side of the spectrum, the highest individual bankruptcy rates are reported in Alabama and Mississippi with figures shown as 374 and 304 per 100k people, respectively and states that border Colorado with higher bankruptcy rates than the Centennial State include Utah, Oklahoma, and Kansas with rates of 194, 157, and 127 per 100k people, respectively.

You can check out the full report with data compiled from USCourts.gov here.