Bankruptcy Filings Are Down - But That Doesn’t Mean People Do Not Need to File
by
Richard S. Feinsilver on Jul. 04, 2013
Summary: Even in an "up" economy there could still be a need to consider bankruptcy
Reuters recently reported today that the number of U.S. businesses and consumers filing for bankruptcy fell another 18 percent in the first half of 2013, and could end the year at the lowest level since before the 2008 financial crisis, according to data released by Epiq Systems.
"We are on pace for perhaps the lowest total new bankruptcies since before the financial crisis in 2008," said Samuel Gerdano, executive director of the American Bankruptcy Institute, which jointly released the report with Epiq. Gerdano attributed the decline to low interest rates, which have been kept at rock-bottom levels since the financial crisis by the U.S. Federal Reserve.
Despite the drop in filings, there remain many individuals and families that continue to struggle with the consequences of the recession. If you believe that you are in this group, ask yourself the following question:
<strong>“Does my/our total credit card and other unsecured debt (such as medical bills etc.) total more than 50% of my/our annual salary?”</strong>
If you answered <strong>YES</strong>, you may need to consider bankruptcy to regain your financial health. Initial consultations with my firm are always free - the advice could be priceless. Bankruptcy lawyers don’t bite.