Bloomington Bankruptcy Lawyer Brings Readers Up to Date on Bankruptcy Statistics

April 2, 2012 10:54 pm Published by

No, numbers don’t lie, but as longtime bankruptcy lawyers in Bloomington, Indiana, we know numbers often need to be explained and analyzed in order for those numbers to convey the right message.  Take job statistics, for example.  It’s extremely important for all the attorneys who work in the four Zuckerberg bankruptcy law offices to follow employment news and to keep our clients and Bankruptcy in Indiana readers up to date on available jobs in our state.

In fact, when it comes to Indiana bankruptcy, jobs are important at every step in the process. For those filing under Chapter 13 bankruptcy law, it’s the regular income from employment that will be the key to qualifying for a three to five year debt repayment plan.  And, for debtors using Chapter 13 to help stop foreclosure, employment income will make all the difference as to whether they succeed. Of course, regular income from a job will be the key to all debtors’ success, whether they’re filing bankruptcy Chapter 7 in Indiana or even small business bankruptcy in Indiana.

The website UScourt.gov compares bankruptcy cases commenced or terminated in 2011 as compared with the year before that (As one of my Columbus bankruptcy lawyer colleagues pointed out, 2012 statistics are not yet available.) For the Indiana Southern Bankruptcy District (Mark Zuckerberg territory), the number of filing actually dropped 6 ½% during the twelve months ending march 31, 2011 as compared with the twelve-month period before that.

I believe the drop is related to all the new jobs about which I’ve been reporting to you Bankruptcy in Indiana readers.  Even more important, the number of “terminations”, which means people emerging from bankruptcy increased 2 1/2%.

Needless to say, job loss or job gain is hardly the only factor in bankruptcy in Indiana. I’m still seeing clients over-burdened with student loan debt and those who are unable to pay medical bills, and many need payday loan debt help.

One University of Illinois law professor believes Americans in general are far from out of the woods when it comes to filing individual bankruptcy – in Indiana or any other state.  As consumer credit has eased, he observes, “people are able to pay for daily necessities – rent, utilities, medical expenses, groceries – with a credit card or through a payday loan.  Thus consumers can use more borrowing to stave off the day of financial reckoning that much longer.”
 

 

 

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This post was written by Mark Zuckerberg

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