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Bankruptcy filings decrease, but California leads the nation

Some of our readers in Escondido may have seen a recent article that detailed how the number of overall bankruptcy filings throughout the country dropped in November of this year. The figures were 7 percent lower when compared with November of last year. In all, there was a total of over 59,000 bankruptcy filings in America last month. While that figure may seem quite high, it was actually even less than the number of bankruptcy filings in the previous month. In October of this year there were over 63,000 bankruptcy filings.

In looking at the number of bankruptcy filings throughout the year of 2016 so far, it should be no surprise that California, as the nation's most populous state, leads the way. Through November of this year, over 66,600 bankruptcy actions have been filed in California, according to the recent article. This figure includes all types of bankruptcy filings, including Chapter 7, 11 and 13 bankruptcy filings.

Even though the data on bankruptcy filings would seem to back up the claims in recent years of an improving economy, there are still many people throughout the country, including in Escondido, who have not seen the benefits of an improved financial situation. For many people, their debt burdens are too high to overcome, and as a result they end up exploring the pros and cons of a Chapter 7 bankruptcy filing.

The good news is that a personal bankruptcy filing can help individuals and families in Escondido get out from under crushing debt obligations that leave them scrambling to pay bills each month. With the right approach, filing for bankruptcy can be a move that leaves Escondido residents in a better position to improve their financial standing in the long run.

Source: dsnews.com, "Nationwide Bankruptcy Filings Drop," Kendall Baer, Dec. 2, 2016

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