According to Epiq Systems, Inc., total bankruptcy filings nationally last month decreased 13 percent over April 2013. The totals included both consumer and business filings.
Epiq said that total bankruptcy filings totaled 87,954 in April 2014, down from the April 2013 total of 100,770 filings. Consumer, or individual filings, reportedly declined 12 percent to 84,579, from the April 2013 consumer filing total of 96,357.
Business filings actually declined further, with a 24 percent decrease from the 4,413 business filings recorded in April 2013. Chapter 11 filings, which include financial reorganization, decreased 4 percent to 683 filings in April 2014, from the 711 filings registered in April 2013.
However, not all numbers decreased. It should be noted that the nationwide per capita filing rate in April was 3.09 (filings per 1,000 people) across the country, an increase over the previous three months of 2014. The states with the highest per capita filing rates were Tennessee (6.32), Alabama (5.22), Georgia (5.19), Illinois (5.00) and Utah (4.86).
The American Bankruptcy Institute has not yet reported April filing statistics for Washington D.C. and Maryland. However, in March 2014, Maryland had the 13th highest per capita filing rate in the country for consumer bankruptcies, with a total of 5,095 filings. Of this total, 74 percent were the Chapter 7 variety.
I Live In Maryland and Cannot Pay My Bills. Is Bankruptcy an Option?
It should be noted that you can eliminate some of the following financial burdens through Chapter 13 or Chapter 7 bankruptcy: collections, garnishments, repossessions, lawsuits and foreclosures.
For most debtors, bankruptcy is the best way to dig out of a financial hole. We can offer you the best solution for whatever your debt issues may be. With rising costs in health care, student loans and credit card debt as well as a stagnant economy, bankruptcy is an excellent option for people who are struggling financially because of soaring bills.
Additionally, an individual filing for Chapter 7 bankruptcy may be able to discharge back taxes if he or she meets certain requirements.
We understand that financial pressures can cause you high levels of stress and anxiety. You can visit our Facebook page, our LinkedIn page, our Google+ page and our Twitter page for more information about our personal bankruptcy services. We are located near the Navy Memorial/Metro Station.
Law Firm of Kevin D. Judd– Maryland and Washington DC bankruptcy attorney
Judd’s Judgment: The average American household has more than $15,000 in credit card debt.