Fewer Bankruptcies So Far In 2015

The economy is improving, fewer consumers in the United States are filing for bankruptcy, and the decline in bankruptcies is expected to continue through 2015. If you are struggling with mounting debts in the Chicago area, bankruptcy is potentially one of your options, and you should discuss those options at once with an experienced Chicago bankruptcy lawyer. According to the American Bankruptcy Institute (ABI), total U.S. bankruptcy filings decreased 15 percent in the first calendar quarter of 2015 (January 1 – March 31) from the same period in 2014. “Declining bankruptcy totals will likely extend through 2015 as interest rates are still favorable for businesses and consumer debt levels remain flat. Total filings this year could drop as low as 800,000,” said ABI Executive Director Samuel J. Gerdano.

However, the news isn’t quite so good at the state level. Only three states had a higher per capita bankruptcy filing rate than Illinois in the first quarter of 2015. The states with the highest per capita filing rate (total filings per 1,000 population) in the first quarter were: Tennessee (5.52); Alabama (5.14); Georgia (4.77); Illinois (4.66); and Utah (4.07). Bankruptcy is not for everyone who’s in debt. With the economy improving, you may have a variety of options for dealing with debt. A good bankruptcy lawyer can explain debt negotiation, foreclosure relief, and the other alternatives to bankruptcy that may be more appropriate to your particular circumstances.

For some people, however, bankruptcy may be your only practical alternative. If you’re buried in debt, every day is stressful. Every day is spent avoiding creditors. No one wants to keep living that way. If you’re buried in debt in the Chicago area, take a positive first step today and arrange at once to discuss your circumstances, rights, and options with an experienced Chicago bankruptcy lawyer.