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Decrease in Bankruptcies Reported in June

Over the past several years, people have heard that more and more Americans are filing for bankruptcy protection. However, recent trends show the beginning of a decline in bankruptcy filings, although financial experts are not attributing the decrease to an improving economy.

While the numbers for June bankruptcy filings are high - a total of 120,623 for the month or 5,483 per day - they represent a decrease from the month before. During May of this year, 122,775 individuals and/or businesses filed for bankruptcy, which averages out to 5,846 daily.

When it comes to the large amount of filings, many people are blaming the poor economy, flagging housing market and unemployment. Yet, some believe that consumer debt is a larger financial problem that is driving people toward Chapter 7 and Chapter 13.

When lenders make it more difficult for consumers to access the credit they need, an increase in bankruptcy filings can often be seen. It is reported that as people are denied access to the credit they need to get through difficult financial times, they may be have no choice but to pursue bankruptcy to address their debt.

Whatever your reason for bankruptcy, you'll want to contact a Chicago bankruptcy lawyer that can review your finances, advise you of the filing process and protect you throughout the duration of your case.
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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

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