On behalf of Ellett Law Offices , P.C. posted in 1. Chapter 7 on Wednesday, August 15, 2012
Some encouraging news has been released regarding the status of the United States economy. A recent report has stated that bankruptcy filings for businesses, which include those seeking Chapter 7 protection, have declined in the last 12 months. However, despite the decline, the numbers still indicate that there remain a large number of individuals and businesses in Arizona and elsewhere who seek the protection of bankruptcy each year.
The recent numbers from the U.S. Bankruptcy Courts show that, in the last 12 months, ending on June 30, there were a total of 44,435 businesses that filed for bankruptcy across the country. This is a 14.8 percent reduction from the 2011 report. It was not clear what percentage of these filings were for Chapter 7 protection.
Meanwhile, personal bankruptcies were also on the decline. It was reported that for the same time period as the business report, 1.27 million individuals filed for bankruptcy. This amounts to a 14.2 percent drop from 2011. Based on these numbers, many have claimed that this report is another sign that the United States economy is on the rebound.
Despite the reduction of bankruptcy filings across the United States, there are still a large number of people who are struggling financially. Whether it is a business or an individual, filing for Chapter 7 bankruptcy allows those who are struggling to free themselves from the pressure brought on by unmanageable debt to give themselves a fresh financial start.
By seeking the proper advice, those Arizona residents struggling to stay afloat are arming themselves with all the necessary information they need to ensure that they can chart a new course to prosperity.
Source: The Orange County Register, “Business bankruptcies continue to fall,” Jan Norman, Aug. 6, 2012
Tags: Chapter 7, bankruptcy protection, debt relief
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