Deciding to file for bankruptcy is a decision made by some Florida residents and others throughout the nation to get a fresh start. There are two main options for consumers seeking relief: Chapter 7 or Chapter 13. While Chapter 7 bankruptcy filings primarily deal with the discharge of certain debts, Chapter 13 bankruptcy is focused on debt consolidation and repayment plans. According to recent reports, total filings for the country have increased since last month as well as the previous year.
A national bankruptcy institute issued a report on the number of total bankruptcy filings. The filings for May 2017 increased 5 percent over the number for May 2016. Total filings also increased from April 2017 to May 2017.
Consumer bankruptcy filings in May of this year also increased 5 percent since last May. Commercial filings were up by the same amount. However, commercial Chapter 11 filings were down 8 percent from May 2016 to May 2017. The data, issued by the American Bankruptcy Institute, also showed that the nationwide average per capita bankruptcy filing rate was slightly up in the May numbers. Alabama, Tennessee, Georgia, Utah and Mississippi lead the nation with the highest per capital filing rate.
The Institute’s Commission on Consumer Bankruptcy holds periodic meetings to address current issues. The goal of the group is to improve the existing consumer bankruptcy system. Open meetings are scheduled for July 2017 and Dec. 2018.
Determining whether to file for Chapter 7 or Chapter 13 bankruptcy can be a complex decision. It would be helpful to consult a knowledgeable Florida bankruptcy attorney for guidance in the process. An experienced lawyer can help clients evaluate all options and recommend the best strategy for improving their financial situations.
Source: acainternational.org, “Bankruptcy Filings Show Uptick in May ACA International“, June 6, 2017
