A few weeks ago a married New York City couple wrapped up their affairs and leapt from their ninth-story chiropractic office. They carried small plastic bags in their pockets containing identification and notes. One pointed to a “financial spiral” that made it impossible for them to live with their “financial reality.” Reporters discovered that they owed nearly $25,000 in federal taxes, plus $60,000 in student loan debt, and more than $200,000 in other debts. There is no evidence they considered financial counseling or New York bankruptcy.
Whether some other factor played a role in this double-suicide is unknown, but the tragedy does raise the question of the character of the relationship between debt and suicide. I’ve touched on the topic when discussing bankruptcy as a medicine for debt-related health problems, as well as a Federal Reserve Bank estimate that the Great Recession killed 12,000 people. I have not discussed actual research on debt and suicide, a macabre topic.
In fact, an article appearing in the May 2015 issue of the American Journal of Preventative Medicine explores the subject. The authors investigated whether there was a disproportionate increase in suicides between 2005 and 2010 attributable to the economic crisis. Although a correlation between wealth loss and suicide is well documented, a direct causal connection had yet to be established.
The authors used a Centers for Disease Control database that catalogues violent deaths as due to “personal circumstances,” “interpersonal circumstances,” and, “external circumstances.” (They overlap in many cases.) “External circumstances” include job problems, financial problems, and legal problems. The article highlighted a few findings. One, the increase in suicides between 2005 and 2010 is solely attributable to external circumstances. Personal and interpersonal causes appeared at about the same rates as before. Two, suicides among middle-aged Americans (40-64) rose the most during that time period (33 percent to 38 percent, respectively). Predictably, the rate grew sharply after 2007.
An article about the Manhattan couple is here. The American Journal of Preventative Medicine article is here.
Often Americans who are in serious financial stress do not seek legal help as soon as they should. Bankruptcy can help resolve tax debts and most unsecured debts. If you are experiencing serious financial difficulties, there consulting with a New York bankruptcy lawyer can help you assess your options and let you get on with your life.
For answers to more questions about bankruptcy, the automatic stay, effective strategies for dealing with foreclosure, and protecting your assets in bankruptcy please feel free to contact experienced Brooklyn bankruptcy attorney Bruce Weiner for a free initial consultation.
