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A new article by the New York Post states that bankruptcy filings have increased for the last three years per the American Bankruptcy Institute and will likely increase for other major cities like New York.
Per ABI, bankruptcy filings went up to 34,711 in 2018, up from 30,112 in 2016. However, nationwide, bankruptcy petitions by consumers and businesses are still well below Great Recession levels, but analysts say there is an unmistakable trend upward.
There has been more than 430,000 job losses announced in the first seven months of this year, per a report by Challenger, Gray & Christmas, with almost 20 percent of bankruptcy filings being due to job loss.
Per the American Bankruptcy Institute, bankruptcy filings surged by 3 percent in July 2019 from July 2018. A total of 64,283 filings were reported for July, up from 62,241 for July 2018. And if the trend continues, this year’s overall total of bankruptcies is on pace to hit 796,000, far exceeding the 777,000 for last year.
Household debt is near $14 trillion which includes mortgages with student loans the next highest debt at more than $1.4 trillion. This is higher than during the Great Recession of 2008 and credit card debt of $1 trillion also exceeds the 2008 peak.
Need to consult with an experienced bankruptcy lawyer? Then contact attorney Alex Hernandez now for your free, no obligation bankruptcy consultation.
Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years.
(904) 712-5565 or (305)-688-LAWS (5297).
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