Kind of. I want to yes, but its not directly how this works or how it sounds. A large increase in poverty or loss of property is insufficient to stoke revolution on its own. The increase of poverty in favor of the rich devastates the economy for multiple reasons, such as: opportunity contraction, less spending, loss of motivation/mobility, and more. When the economy loss becomes wide spread enough, regardless of bankruptcy/poverty/homeless or whatever rates is when revolution happens.

The problem has to effect a majority of society. 12% sounds devastating (it is), but it is not a wide enough umbrella.

Bankruptcy won't even discharge the kind of debt many/most of the lower-middle class fall broke upon. Alimony, child support, student loans, "restitution."