Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709

Bankruptcy filings down, but process still vital for many

According to a recently-released report from the American Bankruptcy Institute, there were 910,090 bankruptcies filed in 2014. This represented a 12 percent decrease from the 1,032,572 total filings that took place the year before.

This was the fifth year in a row that bankruptcy filings have fallen, and the first time that total filings fell below 1 million since before the economic recession in 2007. The falling number of bankruptcy filings could be a sign that the economy is steadily improving, and experts say that low interest rates and high filing costs are also contributing factors to the decline.

But this isn't to say that all Americans are in a better place financially than they were a few years ago. There are still hundreds of thousands of Americans who are in over their heads with debt and will depend on the bankruptcy process to regain control over their finances in 2015.

Here are a few examples that suggest that bankruptcy might be a good option:

  • You are facing foreclosure
  • You are unable to meet minimum payments on credit card bills
  • You are unable to make you car payments and are facing auto repossession
  • You are overwhelmed by medical bills that you cannot afford to pay back
  • You are being harassed by creditors and debt collection agencies

If any of these situations sound familiar, you may want to meet with an experienced bankruptcy lawyer to discuss your options.

You don't have to feel embarrassed or ashamed about discussing bankruptcy options with a trusted attorney in your area. While a fewer number of Americans filed for bankruptcy in 2014, the process was still utilized by more than 900,000 people and businesses that were desperate for a fresh start.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6333 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.