Chicago Bankruptcy Attorney Weighs in On Decreased Filings

One particular region in Ohio has seen a sharp decline in the filings of personal bankruptcies, according to the Dayton Daily News. Throughout the first half of 2012 personal bankruptcies in the Dayton, Ohio region fell to 3,265-a 13 percent decline in a region that was hit hard by the recession. From 2006 to 2010, bankruptcy filings in the area increased in the first half of the year every year. Many experts are divided on what this exactly means about the economic climate of the region.

"Fewer people are working right now, so you aren't going to have as many wage garnishments if there aren't that many wages," says Russ Cope, a bankruptcy attorney in Centerville. "There is no point in filing bankruptcy unless you absolutely need to, and right now, many people are uncollectable."

The driving force behind people filing for bankruptcy is debt, so when the recession hit, fewer people had access to credit than before. This could be one part of why filings are down, particularly in the Rust Belt, where the recession hit hard.

"Oddly, bankruptcy goes up when the economy is doing well and people are spending freely on credit," said Jean Braucher, a professor at the University of Arizona and Vice President of the National Consumer Bankruptcy Center. "People can then suffer reverses, such as job loss or divorce or uninsured illness, but once they recover from the setback, they can use bankruptcy to shed debt they took on during a bad patch."

Please contact our firm for a free consultation if you find yourself struggling with debt.

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