Lefkovitz & Lefkovitz
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Bankruptcy filings increased in October

Regardless of the month or year, there will always be people who consider the benefits of filing for bankruptcy. While some months are busier than others, nothing will ever change the fact that this is one of the best ways for people in a bad financial position to turn things around.

According to the October 2015 AACER bankruptcy data report, filings increased in October 2015. Even so, there has been a notable year-over-year decline.

In September, there were 67,138 bankruptcies in 21 filing days. This number jumped to 70,211 in October.

Even though there was an increase from September to October, the same cannot be said when compared to October 2014. Last year, there were 79,006 bankruptcy filings in October.

California finds itself at the top of the list for cumulative year-to-date bankruptcy filings over the first 10 months of 2015. The state was responsible for 68,884 filings. Illinois is in second with 47,749 filings through October, with Florida coming in third. Rounding out the top five are Georgia and Ohio.

As you can see, tens of thousands of people file for bankruptcy every month. Everybody has his or her own reason for doing so. Some people do so to protect their home from foreclosure. Others make the decision in hopes of reducing their debt and regaining control of their finances.

These statistics show that you are not alone if you are considering bankruptcy. There are many others who have filed before you, and you can rest assured that you won't be alone if you decide to move forward in the future.

Source: DSNews, "AACER: Bankruptcy Filings Climb in October," Brian Honea, Nov. 03, 2015

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