Home > attorneys > U.S. Bankruptcy Figures: The Latest and not Always so Greatest…

U.S. Bankruptcy Figures: The Latest and not Always so Greatest…

Do you want the good news or the still in progress news about bankruptcy in the U.S. first?  The good (and not so great for bankruptcy attorneys down south) is that it is being reported that there is drop in filing bankruptcy in the south.  This is according to figures provided by the Ronald Mann & National Bankruptcy Research Center.  States that appear to have improving rates include Tennessee, Mississippi.
U.S. Bankruptcy rates

U.S. Bankruptcy rates

A lot of the counties where we find the highest rates of consumer bankruptcies, a correlation can be found by the mounting debt issues with mortgages, bank cards (U.S. delinquency rate:1.7%) and auto loans U.S. delinquency rate:1.1%).
But as a whole, the U.S. is seeing bankruptcy on the rise and not by a small amount- about 9%.  The U.S. bankruptcy Institute is reporting consumer bankruptcies may be rising to surpass 1.6 million this year after the 9% jump this past June.  Figures show that last year the U.S. topped out at 1.4 million consumers filling bankruptcy, which was a 32% increase from the year prior.   July’s fillings amount to just 137,698  alone.   In contrast to Tennessee and Mississippi, some of the counties with the highest bankruptcy rates can be found in Georgia, California and Nevada.  Tennessee does have one county in particular that is suffering, Shelby.
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