U.S. courts report decline in personal bankruptcy in 2012

A review of this year's U.S. court statistics reveals that bankruptcy filings have decreased significantly from last year. This report should make Mississippians hopeful about their financial futures, particularly if they are considering personal bankruptcy. The statistics reveal that serious financial challenges may be on the decline and that debt relief is in sight.

Both Chapter 7 bankruptcy filings and Chapter 13 bankruptcy filings are down about 15 percent in the U.S this year. Specifically, there were 1,036,950 Chapter 7 filings in 2011 compared to only 874,337 filings this year. Likewise, there were 417,530 Chapter 13 bankruptcy filings last year and only 375,521 filings this year.

The court statistics also highlight the three states that have the highest and lowest incidence of bankruptcy filings. While Mississippi does not fall into either of these categories, the overall decrease in filings should make Mississippians hopeful about their financial futures. The statistics suggest that people may finally be reaching some resolution from all the debt problems that arose as a result of the recession.

Of course, it is important for Mississippians to be well-informed about their particular financial situations. Although bankruptcy filings may be on the decline, such proceedings may nevertheless be an appropriate option for some. This legal tool can help eliminate debt, stop foreclosure and address credit card debt.

An experienced attorney familiar with the bankruptcy code can help individuals evaluate what the best method is to address their particular financial situation. Filing for bankruptcy may be a real option for an individual to gain a fresh start.

Source: Huffington Post, "Bankruptcy Filings Down in 2012, Continued Bad News for Debt Relief Industry," Steve Rhode, Nov. 7, 2012

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