All throughout the year, people are thinking about their financial future and reaching out to an experienced lawyer to walk through the pros and cons of filing for bankruptcy. There are many different kinds of triggering events that might finally encourage a person to file the petition in court, but new research shows that there may be times of year when bankruptcy is more common. A boost in bankruptcy filings from October might also indicate where Americans are struggling the most and to what extent recession recovery has been unsuccessful in helping those strapped by debt.
There is no easy time of the year to approach the subject of filing for bankruptcy, but a recent study revealed that bankruptcy filings spiked in October right before the holiday season. High filing costs are a major obstacle for the people filing bankruptcy on behalf of their business or as an individual, according to research completed by the American Bankruptcy Institute. Declines across the board occurred in September for bankruptcy filings, but bankruptcy filings surged back on to the market in October. In October 2017, the total number of U.S. bankruptcy filings increased by 2%. Consumer bankruptcies were also on the rise even though commercial bankruptcy filings decreased.
It’s estimated that more people might want to file for bankruptcy but hold out because they assume it’s too hard to do so. That’s why some advocates want to make the process easier for anyone who could benefit.
The Commission on Consumer Bankruptcy is working as hard as possible to remove barriers for struggling families who need a fresh start through bankruptcy. The average nationwide per capita bankruptcy filings rate for the first ten months of the year stayed the same. If you are contemplating filing for bankruptcy, getting experienced representation from a knowledgeable attorney who knows how to handle your bankruptcy claim is extremely important. Do not hesitate to schedule a consultation with a bankruptcy lawyer who can walk you through what is required in order to file a claim and who can assist you with everything you need to know about your next steps.