According to the American Bankruptcy Institute (ABI), total bankruptcy filings in the United States decreased 12 percent in May over last year. The ABI used data provided by Epiq Systems, Inc.
The ABI said in a press release that bankruptcy filings totaled 96,430 in May 2013, down from the May 2012 total of 109,538. Consumer filings declined 11 percent to 92,413 from the May 2012 consumer filing total of 104,197.
“Sustained low interest rates, tighter lending standards and decreased consumer spending are assisting consumers and companies to shore up their balance sheets,” said ABI Executive Director Samuel J. Gerdano in a release. “As households and businesses remain committed to deleveraging, the number of filings will continue to decrease.”
While the numbers are decreasing nationally, regionally Washington DC and Maryland have some of the highest bankruptcy rates in the country, caused by high unemployment and foreclosures. According to the Baltimore Business Journal, more than 17,126 Maryland housing units had foreclosure filings during 2012, an 18.7 percent increase from 2011. The states with the highest per capita bankruptcy filing rates are Tennessee, Georgia, Alabama, Illinois and Utah.
You can eliminate the following financial burdens through Chapter 13 or Chapter 7 bankruptcy: collections, garnishments, repossessions, lawsuits and foreclosures.
For most debtors, bankruptcy is the best way to dig out of a financial hole. If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation. We can offer you the best solution for whatever your debt issues may be.
Law Firm of Kevin D. Judd
Judd’s Judgment: According to the ABI, commercial Chapter 11 bankruptcy filings decreased 25 percent in May 2013 from May 2012.
