Following on from our 2015 Minnesota Bankruptcy Statistics article, we thought we’d compare Minnesota to the states with the highest ratio of Chapter 7 / lowest 13 Bankruptcies in 2015.
- How does Minnesota compare to the states with the highest and lowest number of bankruptcies filed in 2015?
- How does Minnesota compare to the highest and lowest per capita bankruptcy filings?
- How does Minnesota compare to the state with the lowest ratio of Chapter 7 bankruptcies?
- How does Minnesota Compares To Bankruptcies in the Lowest and Highest States By Population?
Highest Chapter 7 – North Dakota
In 2015 North Dakota saw:
- 564 bankruptcies
- 8% Chapter 13 (45)
- 92% Chapter 7 (517)
- 21% decrease on 2014
- 87 Filings per capita
- 646,844 people in North Dakota (2009 census data)
In 2015 Minnesota saw:
- 10,500 bankruptcies filed
- 85% Chapter 7 (8,868)
- 15% Chapter 13 (1,577)
- 13% decrease on 2014
- 99 filings per capita (1000s) using 2009 census data
- 5,266,214 people in Minnesota (2009 census data)
What does the data mean?
Number of bankruptcies
- Over 94% fewer bankruptcies filed in North Dakota (564) compared to Minnesota (10,500)
There are very few bankruptcies in North Dakota.
- Over 56% fewer filings per capita in North Dakota (0.87) compared to Minnesota (1.99)
- Over 87% fewer people living in North Dakota (646,844) compared to Minnesota (5,266,214)
Median Household income:
- North Dakota – $33,071
- Minnesota – $61,824
North Dakota v Minnesota
Using http://money.cnn.com/calculator/pf/cost-of-living/ shows that someone earning $35,000 in Bismarck North Dakota, needs over $37,000 to maintain the same standard of living in Minneapolis Minnesota.
In Minneapolis, Minnesota Groceries cost the same, Housing costs 7% more, Utilities cost 8% more, Transportation costs 1% more and Healthcare costs 4% less compared to Bismarck, North Dakota.
Whilst the cost of living in North Dakota and Minnesota is very much comparable, the size of population differs considerably.
Combined with the proportion of Chapter 7 bankruptcies, it suggests that North Dakota is a less wealthy state, as there are seemingly fewer people able to afford Chapter 13 bankruptcy repayments.