Bankruptcy is the legal process undertaken by individuals and businesses to manage their debt. It can eliminate expenses and allow parties to rid themselves of debt over time. Bankruptcy is met with a certain stigma, but the facts behind it may surprise you. It has become a commonplace practice given the economic distress that started in 2008. Here are some statistics that reflect that bankruptcy is an option many people choose to take advantage of when faced with surmounting debt.
According to the Administrative Office of the US Courts, about 930,000 cases of bankruptcy were filed in 2014. Individual cases made up over 900,000 cases of bankruptcy. About 25,000 business cases were filed. These numbers reflect all types of bankruptcy, including Chapters 7, 11, and 13. In 2013, over one million cases of bankruptcy were filed within the US, so last year showed about a 10 percent decrease in filings. This suggests their have been improvements, especially when you look at the year-over-year data.
Regardless of the overall betterment of the data, your own situation is a personal one – and Citizens Law Group will not think of you as just another statistic. Debt of any kind can pile up and an ignorance of your options can make matters worse. Bankruptcy is a fresh start, not a quick way out. Almost 2 million individuals and businesses have filed bankruptcy over the past two years. Many people have used it to eliminate debt and improve their financial situation.
Any person thinking of filing for bankruptcy should speak with an expert before taking the first steps. A bankruptcy attorney can help determine which type of bankruptcy is right for you. The advisors at Citizens Law Group will provide you with the support you need as you embark on the filing process. Our lawyers can help with paperwork and stop the harassment from creditors. Contact us today to get started on managing your debt.