Personal and business bankruptcy filings are going down

On behalf of The Rollins Law Firm posted in Personal Bankruptcy on Thursday, June 13, 2013.

Residents in Mississippi may be interested to know that analytic data provided by Epiq Systems, Inc. is showing that bankruptcy filings have gone down by 12 percent this May compared to last year. Business filings were found to have gone down by 25 percent during the same period. This is encouraging news for the Mississippi economy and the nation's economy as a whole, as it implies that the country may be on the road to economic recovery.

The Executive Director of ABI believes that new regulations on lenders, lower interest rates and decreased consumer spending are all working together to help the economy regain a solid footing. He believes that businesses and households will have to continue to focus on resolving their debts to continue the economic recovery. Deleveraging for both businesses and individuals may be the key to avoiding future financial problems.

The states that involve the highest rate of bankruptcies are Tennessee, Georgia, Alabama, Illinois and Utah. Overall bankruptcy fillings decreased from April 2013 through May 2013 as well, which shows a steady improvement.

When businesses and individuals are declaring bankruptcy, it is usually a good sign of an economy in trouble. The actions that the government has taken to get the country out of recession, including the regulation of predatory lending practices, has begun to help the economy recover. However, despite any recent recovery there may still be some people who are suffering the lingering effects of past economic troubles. These households and businesses may find that they need to file for bankruptcy in order to fully recover from past financial situations. A bankruptcy attorney may be able to help someone who is considering bankruptcy understand the requirements and consequences for their decision.

Source: American Bankruptcy Institute, "May Bankruptcy Filings Decrease 12 Percent from Previous Year, Business Filings Decrease 25 Percent", June 05, 2013

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