The United States Court system announced on Thursday that bankruptcy filings for the year calendar 2015 are down 10% from 2014. This marks the 5th straight year of decline of bankruptcy filings. In 2015 there were a total of 844,495 bankruptcy filings; this includes individuals, families, corporations and farmers. At the height of the Great Recession total filings approximated 1.5 million each year in 2009, 2010 and 2011.
Total bankruptcy filings from 2008 through 2015 have been about 9 million people and businesses. The population of the United States is 320 million people. when you think about it, 3% of America has filed for bankruptcy in the last 7 years. Astonishing. We have indeed been through very difficult times.
Bankruptcy law is as old as the US itself. It is found in the US Constitution. The purpose of bankruptcy is to get a person or company a fresh financial start. The process allows people to keep their homes, cars, personal belongings and home furnishings; a person who files will also keep all their retirement funds as well as a great deal of other property they own.
A person can file a chapter 7 and eliminate their debt in a short period of time. If a person has fallen behind on their mortgage, is facing mortgage foreclosure or sheriff sale or owes money to the IRS, then a chapter 13 bankruptcy may be the correct filing.
Regardless of which chapter of bankruptcy a person files, relief from creditor action is immediate; you are given a chance to reorganize your financial life, free of stress and you keep your property. Debt settlement and negotiations with your creditors are not necessary. You are in control and the creditors must take what you decide to give them pursuant to bankruptcy law. If you are feeling financial stress or would simply like to understand your options and choices I am available for a consultation. If you need immediate help, call me. 215-822-2728. We serve Montgomery, Bucks, Philadelphia, Chester, Delaware, Berks, Lehigh and Northampton counties. The Delaware and Lehigh Valleys.