When things are going well at the job and at home, a person may feel on top of the world. However, in an instant, that job may be taken away, or a person may fall ill and rack up thousands of dollars of medical debt. When debt gets out of hand, bankruptcy is a helpful option in some cases in Pennsylvania.
Some individuals in Pennsylvania may be interested in learning that the total number of bankruptcy filings in America decreased by more than 10 percent in May, compared with the same time last year. The figure reached more than 85,000 this year as opposed to more than 96,000 last year. The decline occurred for both consumer and commercial filings.
One of the reasons the bankruptcy rate has been plummeting is that interest rates remain low for those who are business borrowers. In addition, the interest rates are lower than anticipated for consumer spending. The average number of filings each day in the month of May, however, reached more than 2,700 -- an 11 percent drop from the total in May of last year, which was a little more than 3,100.
Debt can be a major hassle to contend with for a person who simply can’t bring in more money to eradicate it. Instead of enjoying life, the person in Pennsylvania may find himself or herself experiencing a poor quality of life due to harassing calls from collectors or even threats of wage garnishment. Filing for bankruptcy in our state may be the best opportunity for many individuals to get a second chance with their finances in a quick, responsible way.
Source: abladvisor.com, "May Business Bankruptcy Filings Decrease 21%", , June 5, 2014