A recent report from the National Bankruptcy Research Institute might herald a merrier holiday seasons for many consumers across the country: the number of individual households filing for bankruptcy for this November totaled 100,980. Compared to the 114,587 filings in November 2010, that’s a 12% drop.
In a minor decrease from this October, Chapter 13 filings counted toward 31% of total consumer cases.
The number of consumer bankruptcy filings is still unusually high, demonstrating the financial hardships many Virginia, Maryland, and District of Columbia households are facing. However, the over ten-percent decrease in bankruptcy filings is a good sign, possibly indicating a long-term turn around for many families and individuals.
It could mean that Americans are more educated about how to keep consumer debt under control and have better resources available to them for handling a financial crisis before bankruptcy is their only option.
If you are struggling to cover your regular expenses with ballooning interest rates and high mortgage payments, the bankruptcy lawyers VA at The Strong Law Firm can assist you in taking the best action for your situation. We serve Virginia, Washington D.C., and Maryland fresh start solutions. Schedule your no-cost consultation as soon as possible by calling us toll-free at 887-344-8189 or through the online form.
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