Rate of bankruptcy filings is once again on the rise

Reaching the decision to file for bankruptcy is never an easy one for people in Nashville. Many people worry about the stigma associated with bankruptcy but it can also have many benefits. Having debts discharged and being able to start over financially are often well worth it.

Experts have taken a look at the number of people who filed for bankruptcy in May of this year. Compared to the same month last year, it was found that the overall number of filings rose 5 percent. It is not clear what led to this increase. However, efforts are being made by lawmakers to adapt the federal Bankruptcy Code to bring it more in tune with modern times. Consumer filings, as opposed to businesses who filed for bankruptcy, were 66,096 compared to 62,726 the previous May. On average, there were 3,167 bankruptcy filings per day in May of this year.

On a per capita basis, that is the number of filers for every 1,000 people, the national average was 2.57. However, some states saw numbers much higher than that, including Tennessee. Ranking second, Tennessee had a per capita filing rate of 5.66. Alabama had the highest rate, at 5.82. Mississippi, Utah and Georgia rounded out the rest of the top five.

When bills are piling up and bank accounts are empty, it is easy to feel hopeless. However, many types of debt solutions are available, including filing for bankruptcy. People who are overwhelmed with debt that they cannot pay may wish to contact an experienced attorney.

Source: BHPH Report, “May bankruptcy filings rise 5 percent,” June 20, 2017

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