O'Brien Law Firm, LLC - Bankruptcy

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New report provides update on bankruptcy filings in Mississippi

The United States Courts recently released an update on the rate of bankruptcy filings in the United States. The report focuses on a 12-month period, spanning from January 1 of 2017 to December 31 of 2017. Bankruptcy filings for the calendar year were down by 0.7 percent.

Although the rate of filings decreased, the report notes that this was the smallest decrease since 2010. The report also states that the overall number of filings was the lowest since 2006.

Importance of bankruptcy data

It is important to point out that many people still seek financial relief through bankruptcy. In 2017 there were 765,863 individual petitions for bankruptcy relief filed with the court.

The national trend did not hold true for every state in the country. There were a reported 12,398 filings in Mississippi in 2017 and 12,246 in 2016. This translates to an increase in bankruptcy filings in the state of 152.

Chapter 7 most frequent form of relief

The vast majority of these filings involved a petition for relief under Chapter 7. 486,347 filings under this chapter were reported.

Chapter 7 is a popular option due to the fact that a successful petition can result in the discharge of qualifying debts. Examples of financial obligations that often qualify for discharge include medical bills and credit card balances.

Putting together a successful petition can be a difficult task. The applicant must include various information, including financial records and a complete application. The applicant must also pass the means test.

Data can help ease the way for others in Mississippi struggling with debt

This data shows that if you are struggling to manage debt in Mississippi, you are not alone. An attorney experienced in these matters can help you overcome the hurdles that may make it difficult to move forward with a petition for relief through bankruptcy. Contact a lawyer experienced in debt relief solutions for Mississippi clients to discuss your options.