For millions of people, a bankruptcy filing may be the best way to discharge debt and rebuild themselves financially. Unfortunately, many people who would significantly benefit from declaring bankruptcy do not file because there is an assumed stigma to bankruptcy. Millions of Americans file for bankruptcy every year, and understanding how common it is could help you overcome the debt you are struggling with.
Bankruptcy is common amongst both businesses and individuals, especially as the economy continues to struggle. The following are recent national bankruptcy statistics:
- In 2009, there were a total of 1,473,675 bankruptcy filings in the United States. Over 1 million of these were Chapter 7 liquidation filings.
- In 2008, there were 1,117,771 bankruptcy filings.
- In 2005, 2,039,214 individuals filed for bankruptcy.
For many people, filing for bankruptcy is the best way to get out of debt. While it may not be right for everyone, it may be what you and your family need.
The Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, may be able to help you overcome your debt through a Chapter 7 or Chapter 13 bankruptcy filing. To discuss your needs with us, please contact us today by calling 414-377-0518.