Are Bankruptcies Across The U.S Increasing Or Decreasing?

Bankruptcy Attorney

Looking at a snapshot of the amount of bankruptcies across the U.S by state may give you a rough idea of what is happening financially in the different parts of the country, however, there are some things that need to be considered when looking at the base numbers of bankruptcies in each state.

The incomes in the individual states vary greatly. A person seeking bankruptcy in New York City will have a decidedly different outlook than a person residing in Dayton or Cincinnati Ohio. To get a clearer picture of the reasons for filing in different states, you would seriously need to consider many factors such as employment opportunities and per capita incomes across the different states, as well as, other financial indicators.

Having said that, the largest number of bankruptcies by state was in California, which in 2015 had over 5000 bankruptcies which accounted for as much as 10% of all bankruptcies across the U.S. While much of that number can be attributed to the high population count in the State of California you must also consider that the largest increase of bankruptcies actually occurred in the very small state of Delaware with an increase of over 54% from the previous year.

This tells us that it is not just population count that is causing the increase in some states and that the economy as a whole is also to blame. While the overall amount of bankruptcies reported in January 2016 declined again for the fifth straight year you need to really see the big picture and weigh all the data to understand exactly what is happening. Talk to a bankruptcy attorney in Dayton Ohio to find out if bankruptcy is the right option for you.

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