120,623 Filed in June in the U.S.

After years of escalating bankruptcy rates, it appears as though the American population is experiencing some relief.

A report released by Epiq Systems reveals that while 120,623 bankruptcies were filed in June alone - or around 5,483 daily - this represents a 6.2 percent improvement from the month before. When compared to June 2010, average filings declined 10 percent. While financial experts state that unemployment and foreclosures are strong indicators of bankruptcy rates, outstanding consumer debt is an even stronger measure of bankruptcy filing rates in the country.

When lenders make it more difficult for borrowers to get access to credit cards and other forms of credit, bankruptcy filings can increase as debtors don't have access to the credit they need to make payments. However, when people do get access to the loans they need bankruptcy filings can drop, if only for a short period of time.

If you are thinking about filing for Chapter 7 or Chapter 13 bankruptcy due to surmounting debt, contact us to discuss your options with a Chicago bankruptcy lawyer.