THE LAW OFFICE OF KIM COVINGTON

Chapter 7 * cases starting at $1000 in attorney fees plus court filing fees of $338
Chapter 13 * cases starting at $750 down which includes the filing fees and then hourly work will be billed
* Please note that all cases require a full consultation before an individual attorney fee quote can be made

Payment Plans Available. Call For A Free 1-Hour Consultation. 

A+ Premier Attorney BadgeA+ Premier Attorney Badge
A+ Premier Attorney BadgeA+ Premier Attorney Badge
COVID19 Update: Our office is open for business.

Fewer Americans filing for bankruptcy

On Behalf of | Nov 23, 2020 | Chapter 7 Bankruptcy

If you are facing financial hardships as a result of unemployment, you are not alone. Across the U.S., many people are struggling with the loss of their job and their primary source of income. However, data shows that even though many Americans are facing financial hardships as a result of job loss and other serious challenges, fewer people in the U.S. have filed for bankruptcy in recent months.

There are a number of potential explanations for the decline in bankruptcy filings, such as people having more difficulty filing a bankruptcy petition due to limited access to public buildings as a result of pandemic-related precautionary measures meant to protect the public.

Reviewing data on the number of bankruptcies

According to the United States Courts, the number of personal bankruptcies over the course of a 12-month period that ended in June 2020 declined, even though the U.S. saw a significant increase in the number of workers who became unemployed. During the 12-month period that ended in June 2019, more than 773,000 bankruptcy cases were initiated in the U.S. However, these numbers fell to 682,363 during the one-year period ending in June 2020. In fact, this marks an 11.8% decrease.

Reviewing statistics on business bankruptcies

The U.S. Courts reports that the number of business bankruptcies over the course of a 12-month period that ended in June 2020 was almost the same in comparison to the previous year. During this 12-month timeframe, there were 22,482 business bankruptcy cases. Between July 2018 and June 2019, 22,483 businesses filed for bankruptcy protection.

Archives

FindLaw Network

Learn More About Your Fresh Financial Start

The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 23 years.