Get Out of Debt Guy - Steve Rhode

Bankruptcy Filings Still Showing Slowing of Debt Relief Demand

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Data out today from the U.S. Courts shows that while the number of bankruptcy cases is still dropping, the decline is slowing.

Bankruptcy filings are the canary in the coal mine when it comes to debt relief demand. When all forms of debt relief like credit counseling and debt settlement are up, so are the number of bankruptcy cases. For example, remember the rush of debt settlement sales and credit counseling requests back in 2008-2010 and then the bottom started to fall out?

The court said, “For the third straight quarter, bankruptcy filings fell by less than 10 percent, with filings falling by 6.3 percent for the 12-month period ending September 30, 2016, compared with the year ending September 30, 2015. The three most recent reports follow a four-year period in which consecutive double-digit declines had occurred in every reporting period since December 2011.

The September 2016 annual bankruptcy filings totaled 805,580, compared with 860,182 cases in the previous year, according to statistics released by the Administrative Office of the U.S. Courts. The number of bankruptcy filings was the lowest for any 12-month period since the year ending December 2007.

A national wave of bankruptcies that began in 2008 reached a peak in the year ending September 2010, when nearly 1.6 million bankruptcies were filed.”


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