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Bankruptcy filings are continuing to fall

| Jun 7, 2019 | Personal Bankruptcy |

The number of individuals filing for bankruptcy protection across the country has continued to fall since 2005, when just over 2 million people filed for bankruptcy.

As of 2017, over 765,000 individuals filed for personal bankruptcy protection. In 2016, over 770,000 people filed for bankruptcy. During the height of the Great Recession, in 2010, over 1.5 million people availed themselves of bankruptcy protection, which is close to twice the number of people who filed in 2017.

It is worth noting a couple of things about these statistics. For one, the number of businesses filing for bankruptcy protection has also been on the decline of late, even though there have been lots of news reports of major retailers going under.

On the other hand, the 2005 figures are slightly skewed since that was the time in which a major overhaul of bankruptcy laws made the process much less favorable to consumers.

Unfortunately, Tennessee residents may not be sharing fully in the financial prosperity that has helped others around the country stay out of bankruptcy. While the state seems to be on track to have a slight decrease in the number of bankruptcy filing between now and last year, per capita, Tennessee has the second most bankruptcy filings.

What this means is that many people and around Cleveland, Tennessee, may be facing financial difficulties that make it hard for them to pay their bills, including critical bills like utilities and mortgage payments. There are many options available to families in this sort of situation, among which are a Chapter 7 or Chapter 13 bankruptcy. Families can speak to an experienced attorney about these and other options.