Bankruptcy Numbers May Be Down, But How Are Your Numbers?

October 20, 2012 2:19 pm Published by

The Republic in Phoenix, Arizona reports that “the latest tally of 1,421 bankruptcies in the Phoenix metro area was down 29 percent from the 1,999 recorded in September 2011.” The Triangle Business Journal in Wake County, North Carolina, had similar news to share: “Wake Country bankruptcy filings drop 13%.” So, as a debt consolidation lawyer offering Indiana bankruptcy help, what do I have to report about the situation in our own state?

All the good bankruptcy attorneys in the five Zuckerberg bankruptcy law offices agree – the number of people filing individual bankruptcy in Indiana is down, a decrease, according to the Indiana Lawyer, of approximately 13% compared with this time last year.  “The latest bankruptcy numbers coincide with rising home prices, a drop in the unemployment rate and better numbers on credit-card debts,” is the way reporter Russ Wiles of the Republic explains the decline.

But the only questions that matter, as one of my Columbus bankruptcy lawyers reminds her clients, are these: “What about your numbers? Are your debts going steadily downward, or are you just managing to make the minimum payments? How likely is it that you’ll be able to wipe out all that debt in the next five, even the next ten years?”

If that result doesn’t begin to be in the realm of possibility, the fastest way to get rid of some debt is to file personal bankruptcy in Indiana.  You want to rebuild credit, but spend all your emotional energy avoiding the obvious solution.  After all, which is the better place to start? 

  •  Your credit is messed up and you still owe all these creditors  
  •  Your credit is messed up and you don’t owe all those creditors. 
     

That’s exactly what bankruptcy does – it gets rid of some of your debt as the first step to rebuilding your credit.

Of course, bankruptcy in Indiana is not the answer for everyone or every debt situation.  What IS an answer, though, is that, the earlier in the process any debtor seeks professional help, the more good options there will be. 

For example, it’s a whole lot easier for me as an Indiana lawyer for bankruptcy to prevent repossession of a car than to get it back.  It’s a whole lot easier for one of my Anderson bankruptcy lawyers to help stop foreclosure before a court order has come down than it will be to save the home after the notice has been served. Our Richmond bankruptcy attorneys agree – it’s easier to prevent wage garnishment than to handle the repercussions after garnishment has begun.

When it comes right down to it, statistics, whether from North Carolina, Arizona, or Indiana, don’t matter. How are YOUR numbers doing?

 

 

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This post was written by Mark Zuckerberg

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