According to the American Bankruptcy Institute (ABI), bankruptcy filings in August were up from July across the United States this year.
The ABI reports that total bankruptcy filings in August increased 7 percent over July. According to the ABI, August bankruptcy filings totaled 104,336, up from the 97,104 filings registered a month before. Both commercial and consumer bankruptcy filings increased.
“Financially distressed consumers and businesses will continue to turn to bankruptcy for relief,” said ABI Executive Director Samuel J. Gerdano in a press release. “While the August totals rose slightly over last month, we remain on course for the lowest total new bankruptcies since before the financial crisis in 2008.”
Chapter 7 and Chapter 13 bankruptcies allow you to discharge unsecured debt, like credit card debt or medical bills. If you have large amounts of debt, bankruptcy is an option. Visit our website for more information about the benefits of bankruptcy, or call us at (202) 888-8454 to schedule an appointment.