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Bankruptcy rates on the decline

Due to unexpected life changes, many people in Pennsylvania turn to bankruptcy to bail out their personal and business finances. The impact that bankruptcy has on specific locations can be tremendous, but the nation continues to see a steady decrease in the number of cases that are filed each year. Since the year 2011, the total number of cases filed has dropped by an impressive 660,000 cases.

Declines in bankruptcy cases indicate that the economic growth in the country has improved, but many still rely on bankruptcy during times of financial crises. This life raft can provide individuals with a great opportunity to move on and rebuild the monetary strength of their business or of their personal wealth.  

Most of the cities with the highest numbers of bankruptcies filed are locations where the majority of citizens live at or below the poverty level. Numbers also show that southern states make up the majority of bankruptcies filed, through northern and western states are not excluded from the top list. Some entire towns have filed for bankruptcy.

Debt should always be taken seriously, as one’s reputation and success often rely heavily on their ability to stay in control of their finances. Bankruptcy, including chapter 7 bankruptcy, is a great way for citizens in the United States to pick of the pieces of a devastating debt and get back on their feet.

Declining numbers are a great sign for the country, but bankruptcy still has an impact on society as a whole. It remains a necessary program for those who are in need. Anyone who is considering this option may benefit from speaking with a bankruptcy attorney.  

 

Source: Huffington Post, “Bankruptcy Cases Fall Nationwide but Still Have a Big Impact,” Scott De Buitleir, Sept. 3, 2015

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