Numbers show that consumers filing Chapter 7 or Chapter 13 bankruptcy are down across the country. Nationally, about 20% fewer bankruptcies have been filed this year than in 2012, which some say is a sign that the economy is improving. Experts caution, however, that just because filings with a St. Louis bankruptcy lawyer are down does not mean that the economy is improving. Rather, it is just a reflection that consumers have become overly cautious, not taking on the amount of debt they were before the recession.
St. Louis Bankruptcy Lawyer on Other Reasons for Decline
Another reason for the decline in bankruptcies may be that many people who sought the services of a St. Louis bankruptcy lawyer between 2009-2012 are still not eligible to re-file for Chapter 7, the most common type of bankruptcy. Because these people have to wait at least 7 years from the discharge of their debt to refile, they cannot use this form of debt relief again for a few more years. It could be that in just a few short years, we begin to see filings increase as people need help again recovering from this deep recession.
If you find yourself overwhelmed with debt, The Westbrook Law Group can give you a fresh start and get your life back on track. By contacting a St. Louis bankruptcy lawyer, you may be able to get rid of certain types of debt, including:
- Credit card debt
- Medical debt
- Payday loans
If you find that the stress of creditor harassment is becoming too much, our bankruptcy attorneys are here to help. By filing Chapter 7 or Chapter 13 bankruptcy, you will find that you can live your life debt free and stress free.