Bankruptcy can be regarded as an opportunity to revive themselves in the game of finances after making severe blunders previously. It does come at a cost and leaves scars behind. However, due to undue circumstances or situations, it becomes inevitable as well. It can be a very stressful phase and 888-297-6203 can be your lifeline in such situations. Dial-in the number or log on to https://www.recoverylawgroup.com/bankruptcy/ to figure out the best possible guidance and solution for your bankruptcy problems.
The numbers game
Bankruptcy filings are never a good indicator for an economy. It not only indicates people are getting poorer but also adds to the burden of NPA for financial institutions. In 2005, close to 2 million cases of bankruptcy was filed, which led to some milestone changes in the bankruptcy act to minimize misuse of the bankruptcy code. Change in code led to a 70% reduction in bankruptcy cases in the following year. Today, less than 3% of businesses file for bankruptcies, and most bankruptcy filers are individual consumers.
How do states fare with bankruptcy?
It is common to have a wide deviation across states of the United States of America considering demographics, cost of living, and various other factors. States like California, Texas, Florida, Tennessee, Georgia, Alabama, Michigan, Illinois, Ohio, Indiana, and New York have over 6k cases filed in a year as per recent records. The bankruptcy cases filed by California exceeded over 18k which is way less than 240k cases recorded in the last decade. There are other states like Montana, Wyoming, North Dakota, South Dakota, Maine, and Alaska, that barely touch 300 filings in a year. Looks like if you are a Los Angeles and Dallas, TX resident, you might well need to dial 888-297-6203 for unmatched bankruptcy support.
Common reasons for bankruptcy and demography changes over the years
Big medical bills account for about almost 50% of bankruptcy applications. Other reasons may include divorce, natural disaster or sudden loss or damage of assets/property, poor financial management, etc. Cases revolving around unpaid education loans have been reduced to under 2% which is a very good sign for any economy. The average age of bankruptcy filers is also between 25 and 55 years. While the other petitioners populate 22% of the total filers. If you pick a bankruptcy filer in the US, his age could be 45 years on average more often than not.
The bankruptcy filers usually make $30k per year as per a survey and there is a 36:64 ratio between the singles and married in terms of filers. The gender parity is almost null for the bankruptcy filers as the ratio remains 52:48. However, the worrying percentage is the 16% of filers who tend to file for bankruptcy again. This is a serious indicator that the bankruptcy laws are being misused and probably, need some revision further.
This overwhelming information might make you more curious and the best way to know more details and find the best option for your situation is to log on to https://www.recoverylawgroup.com/bankruptcy/ now.