By most measures, the national economy has been improving over the last several years. The nightly news regularly provides updates regarding the unemployment rate, GDP growth and consumer spending. All indications are that the national economy has improved nicely, though slowly, from the worst of the years of the so-called "Great Recession." According to a recent report, another factor may further the opinion that the economy is improving.
A recent report noted that the number of bankruptcy filings throughout the country has declined. The report indicates that the total number of bankruptcy filings from July of this year saw a sharp decrease of 14 percent from the numbers from July of last year. This continues a trend that shows a string of decreases. In July of this year, there were 61,308 bankruptcy filings in America. For comparison, in July of 2010 there were 134,797 bankruptcy filings.
Unfortunately, California remained the top state in terms of total bankruptcies that have been filed so far in 2016. Through July of this year, 43,109 bankruptcy actions have been filed in California. That is nearly 17,000 more than the second-place state, Florida.
While filing for bankruptcy may be a less-needed option for Americans these days, the fact is that when an individual or family needs to discharge debt, for whatever reason, a bankruptcy filing may be a good option. A personal bankruptcy filing can provide a fresh financial start for Escondido residents who have too much debt and little to no likelihood of repaying in full.
Source: dsnews.com, "National Bankruptcy Rates Fall Further," Aug. 2, 2016